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Income Tax Keyed to Bankman
Turner v. Commissioner
Citation:13 T.C.M. 462 (1954)
Reginald and Marie Turner won two tickets for a cruise from New York City to Buenos Aires after Reginald was randomly selected to participate in a contest on the radio where he had to correctly name two songs. These tickets were not transferable or salable. Petitioners, however, were able to negotiate with the cruise line to trade their two first class tickets for four tourist tickets for a trip from New York City to Rio de Janeiro. Petitioners reported the value of the tickets as $520, but the Commissioner of Internal Revenue asserted a deficiency, finding that Petitioners had received income equal to the retail price of the tickets which was $2,200.
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