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WILMOTH v. COMMISSIONER

Docket No. 9602-76.

38 T.C.M. 1216 (1979)

T.C. Memo. 1979-314

Fred M. Wilmoth and Frances H. Wilmoth v. Commissioner.

United States Tax Court.

Filed August 14, 1979.

Attorney(s) appearing for the Case

Thomas N. Chambers, James H. Nix and Louis S. Southworth, II, 1500 One Valley Square, Charleston, W. Va. 25322, for the petitioners. Juandell D. Glass, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' Federal income tax for the taxable year 1972 in the amount of $52,371. The issue for decision is whether petitioners are entitled under section 453, I.R.C. 1954,1 to report their gain on the sale of bank stock on the installment method.

Findings of Fact

Some of the facts have been stipulated and are found...

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