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MCCAUSLEN v. COMMISSIONER

Docket No. 5696-64.

45 T.C. 588 (1966)

EDWIN E. MCCAUSLEN AND FRANCES E. MCCAUSLEN, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed March 25, 1966.

Attorney(s) appearing for the Case

Robert J. Bird, for the petitioners.

Rodney G. Haworth, for the respondent.

OPINION

MULRONEY, Judge:

Respondent determined a deficiency in petitioners' income tax for 1959 in the amount of $20,738.86. The only issue is whether the gain realized by petitioners from a sale of certain partnership properties acquired by them under a buy-sell agreement is taxable as a long-term or short-term capital gain, which turns upon whether petitioners are entitled to use the partnership's holding...

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