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JACUZZI v. COMMISSIONER

Docket No. 856-69.

61 T.C. 262 (1973)

CANDIDO JACUZZI AND INEZ JACUZZI, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed November 20, 1973.

Attorney(s) appearing for the Case

Jerry T. Light and William H. Sutton, for the petitioners.

G. Phil Harney, for the respondent.

WILES, Judge:*

Respondent has determined the following deficiencies in petitioners' income tax:

Year                                   Deficiency

1959 ------------------------------   $964,649.14
1960 ------------------------------     72,762.55

The only issue remaining for our decision is whether petitioner, Candido Jacuzzi, realized taxable income in 1960 when his employer paid to a trust...

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