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DAY v. COMMISSIONER

Docket No. 5684-67.

55 T.C. 257 (1970)

GEORGE W. DAY AND MURIEL E. DAY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 2, 1970.

Attorney(s) appearing for the Case

Harold M. Everton and Frank E. Clohan, for the petitioners.

Leo A. McLaughlin, for the respondent.

OPINION

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioners' income tax for 1963 in the amount of $344,639.04. The only issue is whether Day Enterprises, Inc., was a collapsible corporation within the meaning of section 3411 at the time of its liquidation, so that the gain realized by petitioners on the liquidation is taxable as ordinary income rather than capital gain.

All of the facts are stipulated...

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