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WYLER v. COMMISSIONER

Docket No. 19393.

14 T.C. 1251 (1950)

RICHARD S. WYLER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 23, 1950.

Attorney(s) appearing for the Case

John H. McEvers, Esq., Reece A. Gardner, Esq., and G. Lee Burns, Esq., for the petitioner.

Frank M. Cavanaugh, Esq., for the respondent.

Respondent determined a deficiency of $26,628.62 in petitioner's income tax for the calendar year 1944. The sole question for determination is whether the amount of $50,000 which petitioner received from an accounting firm in 1944 upon the transfer to it of his accounting practice is taxable as ordinary income or as capital gain. The petitioner contends that the $50,000 in question was payment for the sale of his good will and, therefore...

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