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ESTATE OF CLAUSE v. COMMISSIONER

Docket No. 12995-01.

122 T.C. 115 (2004)

122 T.C. No. 5

ESTATE OF JOHN W. CLAUSE, DECEASED, THOMAS Y. CLAUSE, PERSONAL REPRESENTATIVE, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 9, 2004.

Attorney(s) appearing for the Case

Ronald L. Kahn and Ronald H. Isroff, for petitioner.

David S. Weiner, for respondent.

HAINES, Judge:

Respondent determined a deficiency of $395,279 in John W. Clause's (Mr. Clause's) Federal income tax for 1996. The issue for decision is whether Mr. Clause duly elected, under section 1042,1 to defer recognition of a gain that resulted from a sale of stock to an employee stock ownership plan (ESOP).

FINDINGS OF FACT

Mr. Clause was 74 years old when he testified at the trial of this case on June 4...

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