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O'CALLAGHAN v. COMMISSIONER

Docket No. 10399-81.

47 T.C.M. 1661 (1984)

T.C. Memo. 1984-214

Michael O'Callaghan and Martha O'Callaghan v. Commissioner.

United States Tax Court.

Filed April 25, 1984.

Attorney(s) appearing for the Case

John P. Callahan, 609 S. Grand Ave., Los Angeles, Calif., for the petitioners. Mark S. Priver, for the respondent.

Memorandum Findings of Fact and Opinion

RAUM, Judge:

The Commissioner determined a $5,026.67 deficiency in petitioners' 1977 Federal income tax. The only issue for decision is whether, in the circumstances of this case, the Commissioner erred in allocating a portion of the selling price of petitioner Michael O'Callaghan's wholly-owned travel agency to a covenant not to compete in an amount equal to the amount specified for such covenant in the written sales...

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