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VICTOR E. GIDWITZ FAMILY TRUST v. COMMISSIONER

Docket Nos. 4278-70, 4279-70.

61 T.C. 664 (1974)

VICTOR E. GIDWITZ FAMILY TRUST, MERCANTILE BANK AND TRUST CO., TRUSTEE, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. MICHAEL GIDWITZ II TRUST, MERCANTILE BANK AND TRUST CO., TRUSTEE, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 21, 1974.

Attorney(s) appearing for the Case

Thomas R. Mulroy, Ralph E. Davis, William P. Sutter, and Samuel H. Horne, for the petitioners.

Seymour I. Sherman, for the respondent.

GOFFE, Judge:

Respondent determined deficiencies in the Federal income taxes for the taxable year 1966 against the petitioner in docket No. 4278-70 in the amount of $25,760.86, and against petitioner in docket No. 4279-70 in the amount of $24,283.80. The two issues presented for decision are:

(1) Whether amounts received by petitioners in settlement of a lawsuit constitute gain from the sale or exchange of a...

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