Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal Revenue, Henry T. Boggs and Jeanne Boggs v. Commissioner of Internal Revenue

BUTZNER, Senior Circuit Judge:

Henry T. Boggs and Jeanne Boggs, taxpayers, and the Commissioner of Internal Revenue appeal a judgment of the Tax Court that reduced a deficiency from $62,-184 as assessed by the Commissioner to $6,520.1 The Commissioner assessed the deficiency in 1978 after an audit of the taxpayers’ 1976 income tax return disclosed that Henry T. Boggs had rolled over his share of the H.T. Boggs Company profit sharing trust into an individual retirement account (IRA). The taxpayers claim that the trust was qualified in 1976 and its assets were entitled to the favorable treatment…