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FURR v. COMMISSIONER

Docket No. 2034-73.

34 T.C.M. 426 (1975)

T.C. Memo. 1975-84

Don G. Furr and Marion D. Furr v. Commissioner.

United States Tax Court.

Filed March 31, 1975.

Attorney(s) appearing for the Case

Wentworth T. Durant, 3434 First Natl. Bank Bldg., Dallas, Tex., for the petitioners. Tom G. Parrott, for the respondent.

Memorandum Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the taxable year ended December 31, 1970, in the amount of $9,713.20. The only issue for decision is whether the transfer of 16 shares of nonvoting common stock of Furr Realty Company by petitioner Don Furr to a related corporation, within the meaning of section 304, I.R.C. 1954,1 Furr's, Inc., for satisfaction of an indebtedness...

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