MORETON v. COMMISSIONER

Docket Nos. 29488, 29489.

11 T.C.M. 478 (1952)

Arthur E. Moreton v. Commissioner. Arthur E. Moreton and Ethel T. Moreton v. Commissioner.

United States Tax Court.

Entered May 14, 1592.


Attorney(s) appearing for the Case

A. Calder Mackay, Esq., and Adam Y. Bennion, Esq., for the petitioners. Charles H. Chase, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

TIETJENS, Judge:

Petitioners contest the following deficiencies in income tax determined by respondent:

                                    Year      Amount

  Arthur E. Moreton ............    1947    $51,749.48
  Arthur E. Moreton and Ethel
   T. Moreton ..................    1948     58,581.89

The sole question for decision is whether the sum of $250,000 of which petitioners received...

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