KREIDER v. COMMISSIONER

Docket No. 4389-81.

47 T.C.M. 1071 (1984)

T.C. Memo. 1984-68

Gene L. Kreider and Estate of Berniece L. Kreider, Deceased, Gene L. Kreider, Executor v. Commissioner.

United States Tax Court.

Filed February 13, 1984.


Attorney(s) appearing for the Case

John J. Vassen, 180 North Belt West, Belleville, Ill. and Patrick B. Mathis, for the petitioners. Michael Bitner, for the respondent.


Memorandum Findings of Fact and Opinion

WILBUR, Judge:

Respondent determined a deficiency in petitioners' joint Federal income tax return for 1977 in the amount of $75,577.80. After concessions, two issues remain: (1) whether a payment of $631,383.80 constitutes consideration for a covenant not to compete, compensation for personal services, or payment in exchange for stock, and (2) if the payment is consideration for the covenant not to compete,...

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