SMITH v. COMMISSIONER

Docket No. 8233-74.

66 T.C. 213 (1976)

CHARLES G. SMITH AND MARGARET M. SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 28, 1976.


Attorney(s) appearing for the Case

William R. Frazier, for the petitioners.

Stuart B. Kalb, for the respondent.


FEATHERSTON, Judge:

Respondent determined a deficiency in the amount of $1,861.19 in petitioners' Federal income tax for 1968. Due to concessions by the parties, the sole issue for decision is whether, under the completed contract method of accounting, petitioners were required to report as income in 1968 the profit from a long-term subcontract where, during that taxable year, a dispute arose between petitioner Charles...

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