This appeal questions the correctness of the Commissioner's ruling (approved by the Board of Tax Appeals) to the effect that moneys realized from the retirement of the preferred stock of the Rhea Manufacturing Company was a dividend, subject to Federal income taxes under Sec. 115 (g) Revenue Act of 1932, 26 U.S.C.A. Int.Rev. Code § 115(g). Petitioner argues that it was a return of capital investment.
The decision of the Commissioner affects three taxpayers &...
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