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RITTER v. COMMISSIONER

Docket Nos. 4299-62, 4308-62 and 626-63.

23 T.C.M. 1302 (1964)

T.C. Memo. 1964-216

Norman E. Ritter and Cordelia S. Ritter v. Commissioner. Everett C. Weller and Marion S. Weller v. Commissioner. Robert E. Miller and Jeanne M. Miller v. Commissioner.

United States Tax Court.

Filed August 17, 1964.

Attorney(s) appearing for the Case

Norman A. Peil, Jr., Alpha Bldg., Easton, Pa., for the petitioners in Docket Nos. 4299-62 and 4308-62. Roger L. Davis, for the petitioners in Docket No. 626-63. William F. Fallon, for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies in income tax for 1957 of $1,925.10 against the Ritters, $4,221.68 against the Wellers and 42,541.82 against the Millers. The question for decision is whether amounts received by Miller in 1957 under an agreement terminating his 20 percent interest in Weller Manufacturing Company, a partnership, are taxable to him as ordinary income rather than long-term capital gain and whether those...

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