The Commissioner determined deficiencies of $811.61 in income tax and $491.30 in declared value excess profits tax for the year ended April 30, 1941. The petitioner assails the determination that the transfer to two shareholders of 252 treasury shares in payment of indebtedness resulted in taxable gain.
Findings of Fact
The petitioner, a New York corporation, is a steel jobber. Its tax returns were filed in the Second District of New York.
The petitioner...
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