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CULHANE v. COMMISSIONER

Docket No. 57573.

31 T.C. 758 (1959)

JOSEPH R. CULHANE AND MARION C. CULHANE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 22, 1959.

Attorney(s) appearing for the Case

John B. Huffaker, Esq., and Joseph W. Price 3d, Esq., for the petitioners.

Max J. Hamburger, Esq., for the respondent.

The respondent determined a deficiency in income tax against the petitioners for the year 1949 in the amount of $318,998.62. The issues raised are (1) whether petitioner Joseph R. Culhane, in 1949, constructively received a dividend in the amount of $450,000 from Wilmington Construction Company, and (2), in the alternative, whether in 1949 he received payment of compensation for prior services in the form of the stock of Wilmington Construction Company and to the extent of...

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