MOORE v. COMMISSIONER

Docket No. 614-86.

54 T.C.M. 749 (1987)

T.C. Memo. 1987-499

Virgil W. Moore and Frances R. Moore v. Commissioner.

United States Tax Court.

Filed September 28, 1987.


Attorney(s) appearing for the Case

Steven Reick, 800 E. Northwest Hwy., Mt. Prospect, Ill., for the petitioners. James S. Stanis, for the respondent.


Memorandum Opinion

COHEN, Judge:

Respondent determined the following deficiencies in petitioners' Federal income taxes:

Year                              Deficiency

1977 ..........................    $11,835
1978 ..........................     12,084

After concessions, we must decide whether income resulting from the discharge of a partnership's indebtedness is to be taxed as ordinary income or capital gain.

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