The respondent determined deficiencies in income and excess profits taxes for the year 1935 in the respective amounts of $43,368.34 and $15,282.85. The question presented is whether there was a gratuitous forgiveness of indebtedness owing by petitioner to one of its stockholders or merely a reduction in the purchase price of securities previously acquired from the said stockholder, and whether under either circumstance income was realized by petitioner. A second question...
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