Linlo Scolari v. Commissioner of Internal Revenue

OPINION

Before BROWNING, DUNIWAY and SNEED, Circuit Judges. PER CURIAM:

Taxpayer appeals a decision of the Tax Court sustaining a deficiency assessment of $28,744.02 for 1966 and 1968.

In 1966 the United States filed a complaint in condemnation and declaration of taking of real property owned by taxpayer, depositing $65,000 as estimated compensation. Taxpayer withdrew $62,-500. His basis in the property was $15,000. In March of 1968 the parties stipulated to a judgment fixing the value of the property at $175,000. In May of 1968 taxpayer received the balance due him. In the same year he…