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BOESEL v. COMMISSIONER

Docket No. 1548-73.

65 T.C. 378 (1975)

RICHARD E. BOESEL, JR., AND VIRGINIA N. BOESEL, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed November 24, 1975.

Attorney(s) appearing for the Case

John H. Convery, for the petitioners.

James H. Ross, Jr., for the respondent.

OPINION

DAWSON, Chief Judge:

Respondent determined a deficiency of $6,881 in petitioners' Federal income tax for the year 1968.

Petitioners have made one concession. At issue is whether the discounted present value of future lease payments should be included in computing petitioners' cost of purchasing their new residence for the purpose of applying the nonrecognition of gain provisions of section 1034, I.R.C. 1954.1

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