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19 T.C.M. 790

Wallace v. Commissioner

United States Tax Court

Decided July 11, 1960

United States Tax Court · decided 1960-07-11

Decided 1960-07-11

Ralph M. Wallace v. Commissioner. Isabel Wallace v. Commissioner.
Wallace v. Commissioner
Docket Nos. 69011, 69012.
T.C. Memo 1960-148; 1960 Tax Ct. Memo LEXIS 141; 19 T.C.M. (CCH) 790; T.C.M. (RIA) 60148;
July 11, 1960
*141 Richard G. Worden, Esq., for the respondent.

TRAIN

¶1Memorandum Opinion

¶2TRAIN, Judge: The respondent determined deficiencies in income tax for 1952 as follows:

Docket No.Deficiency
69011$2,983.15
690123,067.16

¶3The sole issue for decision is whether sums received by the petitioners from the United States as compensation for the temporary taking by the Government during World War II of a trucking business operated by them in partnership represented ordinary income or capital gain.

¶4All of the facts have been stipulated and are hereby found as stipulated.

¶5The returns in question were timely filed with the district director of internal revenue at Helena, Montana.

¶6The decision of this case is governed by the recent decision of the Supreme Court in (June 27, 1960), reversing (C.A. 5, 1959), which had reversed .

¶7Decisions will be entered for the respondent.

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