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FAULKNER v. COMMISSIONER

Docket No. 52665.

15 T.C.M. 175 (1956)

T.C. Memo. 1956-39

Joseph Faulkner and Marjorie Faulkner v. Commissioner.

United States Tax Court.

Filed February 21, 1956.

Attorney(s) appearing for the Case

T. Holmes Bracken, Esq., 205 Church St., New Haven, Conn., for the petitioners. Frank V. Moran, Jr., Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined a deficiency of $1,190.94 in the income tax of petitioners for the year 1950. The only issue for decision is whether the amount of $10,000 received by petitioners during that year for a covenant not to compete was taxable as ordinary income or as capital gain from the sale of their business.

Findings of Fact

The petitioners are husband and wife and reside in East Haven, Connecticut...

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