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CLEM v. COMMISSIONER

Docket No. 79554.

21 T.C.M. 49 (1962)

T.C. Memo. 1962-13

Ross A. Clem and Genevieve R. Clem v. Commissioner.

United States Tax Court.

Filed January 25, 1962.

Attorney(s) appearing for the Case

Sylvan Tobolowsky, Esq., Dallas Federal Savings Bldg., Dallas, Tex., for the petitioners. John D. Laflin, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' income tax for the year 1953 in the amount of $3,226.40. The issues for decision are whether the cancellation of an indebtedness of one of the petitioners to the other stockholders of a corporation in which he was also a stockholder, occurred in 1953 as determined by respondent or in 1954 as contended by petitioners, and whether this cancellation of indebtedness...

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