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GRAVES v. COMMISSIONER

Docket No. 4849-73.

34 T.C.M. 287 (1975)

T.C. Memo. 1975-44

Frank X. Graves and Sarah Graves v. Commissioner.

United States Tax Court.

Filed March 3, 1975.

Attorney(s) appearing for the Case

Frank X. Graves, pro se, 333 E. 42nd St., Paterson, N.J. Timothy L. Nelson, for the respondent.

Memorandum Opinion

WILBUR, Judge:

Respondent has determined a deficiency of $33,554.45 in petitioners' 1968 Federal income taxes. The sole issue presented is whether an amount specifically allocated by a contract for the sale of all the assets of a business to a restrictive covenant must be reported as capital gain or ordinary income.

All of the facts have been stipulated and the stipulation of facts, together...

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