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NEWHOUSE v. COMMISSIONER

Docket No. 969-71.

59 T.C. 783 (1973)

GEORGE R. NEWHOUSE AND HELEN C. NEWHOUSE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 12, 1973.

Attorney(s) appearing for the Case

Neil D. McCarthy, for the petitioners.

Norman H. McNeil, for the respondent.

The Commissioner determined an $8,097.87 deficiency in petitioners' income tax for the calendar year 1968. Petitioner George R. Newhouse had pledged certain shares of stock to secure certain indebtedness. The proceeds from the forced sale of those shares were insufficient to cover the full balance of Newhouse's obligations, and the only issue for decision is whether the amounts realized from the foreclosure proceedings should have...

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