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McPHERSON v. COMMISSIONER

Docket No. 79784.

21 T.C.M. 583 (1962)

T.C. Memo. 1962-106

Vernon W. McPherson and Carolyn M. McPherson v. Commissioner.

United States Tax Court.

Filed May 1, 1962.

Attorney(s) appearing for the Case

Richard W. Case, Esq., 300 St. Paul Place, Baltimore, Md., and George Edward Thomsen, Esq., for the petitioners. William L. Kinzer, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

MULRONEY, Judge:

The respondent determined a deficiency in petitioners' income tax for the year 1954 in the amount of $32,407.92.

The main issue is whether the gain realized by petitioners upon dissolution of their corporation is to be considered as gain from the sale or exchange of property which is not a capital asset, as provided in section 341, Internal Revenue Code of 1954.1

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