CUSACK v. COMMISSIONER

Docket No. 1041-65.

48 T.C. 156 (1967)

WILLIAM B. CUSACK AND EILEEN M. CUSACK, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 15, 1967.


Attorney(s) appearing for the Case

Jerry H. Robinson and Julian N. Stern, for the petitioners.

Harry M. Asch, for the respondent.


BRUCE, Judge:

Respondent determined deficiencies in income tax in the amount of $41,163.24 for 1959 and $155.60 for 1962. The deficiency for 1962 is conceded, as well as certain adjustments for 1959. The sole issue remaining for decision is whether petitioners, who realized gain from the involuntary conversion of property by condemnation, made a timely purchase of other property similar or related in service or use to the converted property so that the gain...

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