McMANUS v. COMMISSIONER

Docket No. 92853.

23 T.C.M. 245 (1964)

T.C. Memo. 1964-43

John F. McManus and Helen McManus v. Commissioner.

United States Tax Court.

Filed February 26, 1964.


Attorney(s) appearing for the Case

James B. Muldoon, 10 State St., Boston, Mass., for the petitioners.

Harold C. Arcaro, Jr., for the respondent.


Memorandum Opinion

RAUM, Judge:

Respondent determined a deficiency in income tax in the amount of $675.00 for the year 1959.

The sole issue is whether petitioners are entitled to exclude from gross income as a gift a portion of the amounts received by John F. McManus from the Benz Kid Company during the year 1959.

All of the facts have been stipulated.

John F. McManus and Helen McManus, husband and wife, filed a joint income tax return...

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