SHELTON v. COMMISSIONER

Docket No. 17901-92.

105 T.C. 114 (1995)

JAMES M. SHELTON, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 16, 1995.


Attorney(s) appearing for the Case

Sander W. Shapiro, Michael L. Cook, Ira A. Lipstet, and J. Andy Norval, for petitioner.

T. Richard Sealy III, for respondent.


PARR, Judge:

Respondent determined a deficiency in petitioner's Federal income tax and an addition to tax for 1984 in the amounts of $2,899,796 and $724,949, respectively.

The issue for decision is whether petitioner received additional income on an installment obligation as a result of a liquidation of the corporate stock that was the subject of the installment sale and that was also the collateral for the...

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