Memorandum Findings of Fact and Opinion
HARRON, Judge:
This proceeding involves a deficiency in income tax of $40,166.67 and a deficiency in declared value excess profits tax of $32,365.91 for the taxable year 1939. The question presented is whether petitioner, a corporation, realized taxable gain by a distribution in kind to its stockholders of securities of another corporation which had appreciated in value.
The facts are found as stipulated; the...
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