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LIGHTHILL v. COMMISSIONER

Docket No. 713-75.

66 T.C. 940 (1976)

OLAF B. LIGHTHILL AND NADINE LIGHTHILL, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 31, 1976.

Attorney(s) appearing for the Case

Dennis A. Roach, for the petitioners.

Hector C. Perez, for the respondent.

OPINION

SCOTT, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the calendar year 1969 in the amount of $35,775.

The issues for decision are (1) whether petitioners realized income in 1969 on the lapse of restrictions on stock which one of them had acquired in 1968 under an option received in a prior year and if so the amount of income realized, and (2) the amount of capital gain petitioners realized later in...

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