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MERRILL v. COMMISSIONER

Docket No. 92071.

40 T.C. 66 (1963)

TED F. MERRILL AND ELIZABETH H. MERRILL, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 19, 1963.

Attorney(s) appearing for the Case

Willard D. Horwich, for the petitioners.

Allan I. Blau and Robert L. Gnaizda, for the respondent.

DRENNEN, Judge:

Respondent determined a deficiency in petitioners' income tax for the taxable year 1956 in the amount of $9,215.14.

The only issue remaining for decision is whether a joint venture to which petitioner Ted F. Merrill was a party held certain property for more than 6 months so that his profit from its sale is taxable as long-term gain under section 1231 of the Internal Revenue Code of 1954.

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