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SCHWARTZ v. COMMISSIONER

Docket No. 90499.

40 T.C. 191 (1963)

ARNOLD A. SCHWARTZ, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 29, 1963.

Attorney(s) appearing for the Case

Irving Kunzman, and Harold Druse, for the petitioner.

Gerald N. Daffner, for the respondent.

OPINION

FORRESTER, Judge:

Respondent has determined a deficiency in petitioner's income tax for the calendar year 1957 in the amount of $20,887.51. The only issue presented for our determination is whether increment on non-interest-bearing bonds purchased at a discount between December 25, 1944, and December 31, 1954, is taxable upon redemption at maturity as long-term capital gain or as ordinary income.

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