Estate of Charles A. Juden, Charles A. Juden, Jr., Personal Representative and Cleo M. Juden v. Commissioner of Internal Revenue

ROSS, Senior Circuit Judge.

The Estate of Charles A. Juden and Cleo M. Juden (Taxpayers) appeal from a decision of the United States Tax Court finding Taxpayers liable for an income tax deficiency in the amount of $78,599 for the taxable year 1979. On appeal the Taxpayers argue first that a taxable event never occurred, and second, even if a taxable transaction had occurred, the tax deficiency was based on the Tax Court’s erroneous determination of the Taxpayers’ basis in the property sold. After considering the briefs, record and arguments of the parties, we affirm the decision of the Tax…