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VAUGHN v. COMMISSIONER

Docket No. 916-78.

81 T.C. 893 (1983)

CHARLES L. VAUGHN AND DOROTHY B. VAUGHN, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed November 30, 1983.

Attorney(s) appearing for the Case

James H. Morgan, Jr., Rex M. Lamb III, and Thomas B. Wells, for the petitioners.

Charles B. Hanfman, for the respondent.

CHABOT, Judge:

Respondent determined a deficiency in Federal individual income tax against petitioners for 1973 in the amount of $289,338, and an addition to tax under section 6653(a)1 (negligence, etc.) in the amount of $14,467. After concessions,2 the issues for decision are (1) whether the sales of an apartment complex and stock by petitioners to petitioner-wife's son were bona fide transactions entitled...

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