VANBIBBER v. COMMISSIONER

Docket No. 1433-82.

50 T.C.M. 401 (1985)

T.C. Memo. 1985-344

Virgil E. VanBibber and Syble A. VanBibber v. Commissioner.

United States Tax Court.

Filed July 15, 1985.


Attorney(s) appearing for the Case

Bernard J. Boyle, Donald W. Buttrey, and John W. Boyd, 1122 Chamber of Commerce Bldg., Indianapolis, Ind., for the petitioners. Clarence E. Barnes and Rodney J. Bartlett, for the respondent.


Memorandum Findings of Fact and Opinion

JACOBS, Judge:

Respondent determined the following deficiencies in petitioners' income taxes:

 Taxable Year             Amount of Deficiency

     1977 ................... $56,569.38
     1978 ................... $72,223.90
     1979 ................... $55,905.04

The issues for decision are: (1) whether the sales of subdivided real estate lots held by petitioners' solely owned corporation...

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