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JUDKINS v. COMMISSIONER

Docket No. 69243.

31 T.C. 1022 (1959)

THOMAS E. JUDKINS AND THELMA JUDKINS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 25, 1959.

Attorney(s) appearing for the Case

Morris Fedder, Esq., for the petitioners.

Joseph N. Ingolia, Esq., for the respondent.

OPINION.

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income taxes for the calendar year 1955 in the amount of $4,177.35. The sole issue for decision is whether a lump-sum distribution of $18,949.75 received by Thomas E. Judkins, petitioner, in August of 1955 from the qualified retirement plan of the Waterman Steamship Corporation, his former employer, should be taxed as a long-term capital gain or as ordinary income.

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