ESTATE OF ASH v. COMMISSIONER

Docket No. 9573-76.

42 T.C.M. 1310 (1981)

T.C. Memo. 1981-575

Estate of Omar L. Ash (deceased), Stephen V. Ash, administrator C.T.A. and Sandra C. Ash v. Commissioner.

United States Tax Court.

Filed September 30, 1981.


Attorney(s) appearing for the Case

John B. Huffaker, 123 South Broad St., Philadelphia, Pa. and Reginald A. Krasney, for Stephen V. Ash. Norman Perlberger, 4 Penn. Center Plaza, Philadelphia, Pa., for Sandra C. Ash. Stephen J. Sokolic, for respondent.


Memorandum Findings of Fact and Opinion

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income tax for the calendar year 1970 in the amount of $376,940. The issues presented for our decision are:

(1) Whether a transfer of a corporation's own stock to it by Omar L. Ash gave rise to a long-term capital gain and a section 162,1 business expense deduction;

(2) Whether petitioners are entitled to...

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