Memorandum Opinion
STERNHAGEN, J.:
The Commissioner determined deficiencies in 1938 income tax of $3,398.05 as to Kinch and $1,490.98 as to Dark. The petitioners owned all the preferred and common shares of a corporation, and contend that part of a distribution to them which exceeded the corporation's available earnings should be treated as a reduction of cost of the preferred shares and not as capital gain, as respondent treats it. The facts are all stipulated...
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