We conclude that the sale of the Xanadu produced no taxable income to petitioners in 1977; no portion of the proceeds of the sale was actually or constructively received by petitioners until 1978. See, e.g., Poczatek v. Commissioner, 71 T.C. 371, 378 (1978); Atkins v. Commissioner, 15 T.C. 128, 133 (1950); Johnston v. Commissioner, 14 T.C. 560, 565-566 (1950); Estate of Paul v. Commissioner, 11 T.C. 148, 151-152 (1948). Cf. Aldridge v. Commissioner, 51 T.C. 475, 481 (1968) (condemnation award proceeds were “held subject to the order of the [State] court,” but it did not appear that the taxpayers' right to withdraw such proceeds was subject to any limitation or restriction sufficient to prevent a finding of constructive receipt).

FINDINGS OF FACT. The facts previously found by this Court in a related case, Lois Reynolds Atkins, 15 T.C. 128, have been stipulated and are so found. We state herein such of those facts as we deem necessary to an understanding of the issues to be decided, together with other findings of fact based upon evidence received at the hearing of the instant case.