Elwin H. v. Reeves, Jr., Et Ux. v. Commissioner of Internal Revenue

This ease is before the Court on petition of Elwin H. V. Reeves, Jr., and wife, taxpayers, for review of a decision of the Tax Court of the United States. The review is being prosecuted solely on the part of the husband who will be referred to as petitioner or taxpayer.

In 1954, the petitioner, Elwin Reeves,, sold a tract of farmland, consisting of fifty-eight acres, for the sum of $145,000. In his income tax return for that year he-reported a cost basis of the land as $115,-391.86, and a long term capital gain of $29,608.14. The Commissioner of Internal Revenue, in a deficiency determination,…