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PETIT v. COMMISSIONER

Docket No. 7046.

8 T.C. 228 (1947)

WILLIAM JUSTIN PETIT AND LORETTA N. PETIT, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 31, 1947.

Attorney(s) appearing for the Case

Wendell P. Hubbard, Esq., for the petitioners.

Byron M. Coon, Esq., for the respondent.

Respondent determined a deficiency in petitioners' income tax for the year 1941 in the amount of $11,630.29. The deficiency is due to five adjustments to petitioners' net income as disclosed by their return for the year 1941. These adjustments are explained in the deficiency notice as follows:

(a) Net long-term capital gain is increased $8,243.73 representing 50 per cent of $16,487.46 gain from the sale of capital assets omitted...

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