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JOHNSON v. COMMISSIONER

Docket No. 5916-73.

66 T.C. 897 (1976)

ALSON N. JOHNSON AND MARGARET C. JOHNSON, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 24, 1976.

Attorney(s) appearing for the Case

Daniel R. Dixon, for the petitioners.

Eric B. Jorgenson, for the respondent.

SIMPSON, Judge:

The Commissioner determined a deficiency in the petitioners' Federal income tax for 1971 of $6,768.70. The issues to be decided are: (1) Whether a partnership incurred an abandonment loss in 1971 prior to its termination, or whether the petitioner, a partner in such partnership, realized a loss on the liquidation of his interest in the partnership; and (2) whether the petitioner was compensated for such loss by the proceeds of life insurance...

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