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OUDERKIRK v. COMMISSIONER

Docket No. 695-76.

36 T.C.M. 526 (1977)

T.C. Memo. 1977-120

William S. Ouderkirk and Bette D. Ouderkirk v. Commissioner.

United States Tax Court.

Filed April 27, 1977.

Attorney(s) appearing for the Case

Stephen B. Hill and Roy D. Lambert, Twelfth Floor, Standard Plaza, 1100 S.W. Sixth Ave., Portland, Ore., for the petitioners. Jan R. Pierce, for the respondent.

Memorandum Findings of Fact and Opinion

FEATHERSTON, Judge:

Respondent determined deficiencies in the amounts of $11,674.40 and $615.00 in petitioners' Federal income taxes for 1971 and 1972, respectively. Petitioners have conceded the adjustments for 1972 as determined by respondent. Therefore, the only issue remaining for our decision is whether during 1971 certain timberland sold by petitioners was a capital asset within the meaning of section 1221

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