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ESTATE OF BANKHEAD v. COMMISSIONER

Docket No. 3177-71.

60 T.C. 535 (1973)

ESTATE OF EMELIL BANKHEAD, DECEASED, W. W. BANKHEAD, EXECUTOR AND W. W. BANKHEAD, SURVIVING SPOUSE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 9, 1973.

Attorney(s) appearing for the Case

Morris W. Savage, for the petitioners.

J. Leon Fetzer, for the respondent.

STERRETT, Judge:

The respondent determined a deficiency in the petitioners' Federal income tax for the calendar year 1965 in the amount of $18,891.47. The issues for our determination are:

(1) Whether the petitioners received income in the amount of $40,550 on a cancellation of indebtedness in that amount owed by Emelil Bankhead to Bankhead Broadcasting Co., Inc., within the meaning of section 61 (a) (12), I...

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