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PELLAR v. COMMISSIONER

Docket No. 51932.

25 T.C. 299 (1955)

FRED PELLAR AND ROSALIE PELLAR, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 29, 1955.

Attorney(s) appearing for the Case

Elden McFarland, Esq., and Melvan M. Jacobs, Esq., for the petitioners.

John E. Owens, Esq., for the respondent.

The respondent determined a deficiency in income tax of the petitioners for the calendar year 1949 in the amount of $45,857.64.

The only issue for decision is whether or not petitioners received income by virtue of the construction of a residence for them where the cost of construction and the fair market value of the residence materially exceeded the agreed price paid to the contractor for such construction.

FINDINGS...

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