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THOMPSON v. COMMISSIONER

Docket No. 85740.

38 T.C. 153 (1962)

FRITZ THOMPSON AND DORA M. THOMPSON, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 26, 1962.

Attorney(s) appearing for the Case

Wentworth T. Durant, Esq., and Robert Edwin Davis, Esq., for the petitioners.

Robert I. White, Esq., for the respondent.

SCOTT, Judge:

Respondent determined deficiencies in petitioners' income tax for the calendar years 1957 and 1958 in the amounts of $10,882.37 and $21,262.43, respectively. The issues for decision are whether petitioners realized long-term capital gain on the sales of various lots in the years 1957 and 1958 and whether Commodity Credit Corporation loans totaling $15,486.06 made to petitioners in 1958 resulted in taxable income to them during 1958.

FINDINGS...

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