LANDRETH v. COMMISSIONER

Docket No. 2976-65.

50 T.C. 803 (1968)

GEORGE H. LANDRETH AND ALICE J. LANDRETH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 4, 1968.


Attorney(s) appearing for the Case

William Monroe Kerr, for the petitioners.

Harold L. Cook, for the respondent.


SIMPSON, Judge:

The respondent determined a deficiency in the petitioners' income tax of $184.92 for the taxable year ended December 31, 1962. The sole issue for decision is whether the petitioner Mr. Landreth constructively received additional income by reason of his having, in effect, guaranteed a loan made by a bank to a partnership which purchased an oil and gas production payment from him in an ABC transaction...

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