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ESTATE OF MARCUS v. COMMISSIONER

Docket Nos. 8577-72, 8578-72.

34 T.C.M. 38 (1975)

T.C. Memo. 1975-9

B.M. Marcus Estate, Gladys L. Marcus, Leon J. Marcus, Richard E. Marcus and Robert M. Diggs, Executors v. Commissioner.

United States Tax Court.

Filed January 15, 1975.

Attorney(s) appearing for the Case

Robert M. Diggs, Exchange Bank Bldg., Olean, N.Y., for the petitioner. Louis J. Zeller, for the respondent.

Memorandum Findings of Fact and Opinion

FAY, Judge:

Respondent has determined a deficiency in the Federal income taxes of the Estate of B.M. Marcus in the amount of $20,474.05 for the year 1967 or alternatively in the amount of $22,009.60 for the year 1968.

We are asked to decide if in either of the aforesaid years the Estate of B.M. Marcus recognized forgiveness of indebtedness income under section 61(a)(12), Internal Revenue Code of 1954, as amended...

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