Nannie Carr Harris, Incompetent, and Robert A. Eubanks, Guardian v. Commissioner of Internal Revenue

BOREMAN, Senior Circuit Judge:

This is an appeal by the Commissioner of Internal Revenue from a decision of the United States Tax Court, 56 T.C. 1165.

In the spring of 1962, Robert A. Eu-banks, the duly qualified guardian of taxpayer, Nannie Carr Harris, an incompetent, negotiated with one Robert I. Lipton for the sale of certain improved real estate owned by taxpayer in Chapel Hill, North Carolina. On May 18, 1962, Eubanks, as such guardian, and Lipton executed a contract providing for the sale of the property, subject to the required approval of the Superior Court of Orange County, North…