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Frankenstein v. Commissioner of Internal Revenue

November 18, 1959

SOLLY K. FRANKENSTEIN AND JULIA E. FRANKENSTEIN, PETITIONERS,
v.
COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.



Before Duffy, Knoch and Castle, Circuit Judges.

Author: Castle

CASTLE, Circuit Judge.

The petitioners, Solly K. Frankenstein and Julia E. Frankenstein, husband and wife reside in Fort Wayne, Indiana. Julia E. Frankenstein is made a party to this proceeding for the reason she filed joint income tax returns with her husband for the years in question. Petitioners filed a joint Federal Income Tax Return for the years 1949, 1950, 1951, 1952, 1953 and 1954 with the Collector of Internal Revenue at Indianapolis, Indiana.These returns were made on the basis of cash receipts and disbursements. A deficiency tax for each year was assessed.Petitioners filed a petition for redetermination of their tax liability in the Tax Court of the United States. That court sustained the deficiencies assessed except for 1949, it being conceded that the tax for that year was barred by limitations. Petitioners appealed. Hereinafter for convenience Solly K. Frankenstein will be referred to as petitioner.

During the years in question petitioner testified that he put in at least fortyeight hours a week in the practice of law. Petitioner owned lots, some of which were inherited and some of which were purchased. The following schedule shows the real estate acquired by him during the years 1941 through 1955, exclusive of rental properties:

Year Number of parcels of

real estate purchased

1941 2

1942 37

1943 3 ol

1944

1944

1945 4

1946 356

1947 ...


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