HARRIS v. COMMISSIONER

Docket No. 1589-72.

61 T.C. 770 (1974)

LEON A. HARRIS, JR., AND MARINA HARRIS, PETITIONERS. v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 18, 1974.


Attorney(s) appearing for the Case

William E. Collins and Rust E. Reid, for the petitioners.

W. John Howard, Jr., for the respondent.


FEATHERSTON, Judge:

Respondent determined deficiencies of $23,464.99 and $111,759.41, respectively, in petitioners' 1967 and 1968 Federal income taxes. The issues for decision are:

(1) Whether a partnership, of which petitioner was a member, made an arm's-length sale in 1967 when it conveyed an undivided 10-percent interest in its shopping center real estate to certain trusts; if so,

(2) Whether the loss realized on the 1967 transaction arose...

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