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ESTATE OF TARACIDO v. COMMISSIONER

Docket No. 1071-74.

72 T.C. 1014 (1979)

ESTATE OF JOSEPH G. TARACIDO, DECEASED, BY UNITED STATES TRUST COMPANY, CHARLES C. LEHING AND IRWIN P. UNDERWEISER, EXECUTORS, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 10, 1979.

Attorney(s) appearing for the Case

Jay H. Landau and Beatrice K. Underweiser, for the petitioners.

Ronald E. Friedman, for the respondent.

FORRESTER, Judge:

Respondent has determined that petitioners are liable as transferees of the assets of Taracido & Co., Inc. (hereinafter TCI), for a Federal income tax deficiency of $68,384.75 for the taxable year ended February 28, 1969. The only issue remaining for our decision is whether an amount received by petitioners in settlement of a lawsuit constitutes gain from the sale or exchange of a capital asset pursuant to section 1001

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