GAY v. COMMISSIONER

Docket No. 3472-65.

25 T.C.M. 1220 (1966)

T.C. Memo. 1966-237

John R. Gay v. Commissioner.

United States Tax Court.

Filed October 24, 1966.


Attorney(s) appearing for the Case

James J. Laughlin, for the petitioner. George K. Dunham, for the respondent.


Memorandum Findings of Fact and Opinion

Respondent determined a deficiency in petitioner's income tax liability for the year 1961 in the amount of $1,625.24 and a "Section 6653(b) Penalty" in the sum of $812.62. A copy of the deficiency letter and an accompanying statement is attached to the petition. This statement indicated that petitioner's "taxable income has been computed upon the basis of increase in net worth during the taxable year with adjustment for personal...

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