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MONTGOMERY v. COMMISSIONER

Docket No. 3726-73.

65 T.C. 511 (1975)

JOHN E. MONTGOMERY AND IRIS E. MONTGOMERY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 8, 1975.

Attorney(s) appearing for the Case

John E. Montgomery, pro se.

Roy S. Fischbeck, for the respondent.

BRUCE, Judge:

Respondent determined a deficiency of $3,737.91 in petitioners' Federal income tax for the year 1970. Two issues are presented for decision: (1) Whether insurance compensation received by petitioners in 1970 for a casualty loss which was deducted in 1969 is includable in petitioners' income for 1970; and (2) whether petitioners must recognize as income for 1970 the portion of a debt which was discharged during that year.

FINDINGS OF FACT...

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