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AITKEN v. COMMISSIONER

Docket No. 78599.

35 T.C. 227 (1960)

GEORGE J. AITKEN AND ELIZABETH M. AITKEN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 8, 1960.

Attorney(s) appearing for the Case

John C. Graham, Esq., for the petitioners.

Vernon R. Balmes, Esq., for the respondent.

Respondent determined a deficiency in petitioners' income tax in the amount of $1,443.02 for the taxable year 1956.

The issue is whether receipt of $10,000 by petitioners was in consideration for either (a) the relinquishment of previously earned insurance commissions, or (b) the sale of insurance "expirations," and, if the latter, whether petitioners were correct in reporting the sum as a capital gain.

FINDINGS OF...

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