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EISENBERG v. COMMISSIONER

Docket No. 828-79.

78 T.C. 336 (1982)

ARTHUR JOEL EISENBERG AND JUNE A. EISENBERG, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed March 3, 1982.

Attorney(s) appearing for the Case

George Constable, for the petitioners.

Thomas N. Tomashek, for the respondent.

FEATHERSTON, Judge:

Respondent determined deficiencies in the amounts of $29,880 and $400,495 in petitioners' Federal income taxes for 1976 and 1977, respectively.

After concessions by both parties, the issues remaining for decision are:

(1) Whether petitioners realized ordinary income under section 12451 due to the foreclosure of a mortgage on their cruise vessel, the Xanadu, in 1977; and

(2) Whether petitioners...

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