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MCALLISTER v. COMMISSIONER

Docket No. 4037.

5 T.C. 714 (1945)

BEULAH EATON McALLISTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 13, 1945.

Attorney(s) appearing for the Case

Charles B. Collins, Esq., William Diebold, Esq., and Rudolph J. Welti, C. P. A., for the petitioner.

Lawrence F. Casey, Esq., for the respondent.

This case involves income tax for the calendar year 1940. Respondent has determined a deficiency in the sum of $19,468.59.

The only question remaining for our consideration is whether the transaction by which the sum of $55,000 was paid to petitioner on July 19, 1940, and accepted by her in full settlement of her interest in a certain trust created by the will of Richard McAllister, deceased, under which trust petitioner was...

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