HANSON v. COMMISSIONER

Docket No. 12300-90.

62 T.C.M. 1316 (1991)

T.C. Memo. 1991-581

Norman H. Hanson, Deceased, Ruby F. Hanson, Surviving Spouse, and Ruby F. Hanson v. Commissioner.

United States Tax Court.

Filed November 26, 1991.


Attorney(s) appearing for the Case

Barry Becker, 7330 N. 16th St., Phoenix, Ariz., for the petitioners. Stephen S. Ash, for the respondent.


Memorandum Findings of Fact and Opinion

COHEN, Judge:

Respondent determined a deficiency of $61,623 in petitioners' Federal income tax for 1986.

The issues for decision are: (1) Whether respondent's determination of a $1 per share basis in the stock of petitioners' corporation should be sustained, (2) whether petitioners may revoke their election out of the installment method of reporting their capital gain for 1986, and (3) whether petitioners are...

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