Paul G. LUSTGARTEN and Jacqueline Lustgarten, Petitioners-Appellants,
v.
COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.
United States Court of Appeals, Fifth Circuit.https://leagle.com/images/logo.png
March 16, 1981.
March 16, 1981.
Attorney(s) appearing for the Case
Michael R. Harris, Blue Bell, Pa., Wm. H. Cook, Jr., New Orleans, La., for petitioners-appellants.
Stuart E. Seigel, Chief Counsel, Lester Stein, Atty., Internal Revenue Service, Washington, D. C., M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Act. Chief, Appellate Section, Gary R. Allen, Helen A. Buckley, Attys., James A. Riedy, Tax Division, Dept. of Justice, Washington, D. C., for respondent-appellee.
Before RONEY, HILL and FAY, Circuit Judges.
United States Court of Appeals, Fifth Circuit.
PER CURIAM:
Taxpayer appeals from the decision of the Tax Court, 71 T.C. 303, upholding a finding of deficiency in his income taxes for 1971. The issue is whether the taxpayer is entitled to report on an installment sale basis the sale of stock to his son. Because we agree with the Tax Court that the taxpayer had "constructive receipt" in 1971 of the entire proceeds from the sale of the stock, we affirm the denial of installment sale...
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