CROWE v. COMMISSIONER

Docket No. 2436-72.

62 T.C. 121 (1974)

JOSEPH M. CROWE AND KATHRYN K. CROWE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 30, 1974.


Attorney(s) appearing for the Case

William H. Leedy and William K. Waugh III, for the petitioners.

Kenneth W. McWade, for the respondent.


STERRETT, Judge:

The respondent determined a deficiency of $43,240.09 in the Federal income taxes of petitioners for the calendar year 1966. The sole issue for decision is whether the gain on the sale of stock of Rayburn Land Co. is taxable as ordinary income under the provisions of section 341, I.R.C. 1954,1 or as long-term capital gain.

FINDINGS OF FACT

Some of the facts have been stipulated and are so found...

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