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ESTATE OF FOSTER v. COMMISSIONER

Docket No. 110891.

3 T.C.M. 249 (1944)

Estate of Henry Vernon Foster, Deceased, Marie Dahlgren Foster, Executrix, v. Commissioner.

United States Tax Court.

Entered March 22, 1944.

Attorney(s) appearing for the Case

Villard Martin, Esq., 425 Nat. Bank of Tulsa Bldg., Tulsa, Okla., for the petitioner. Stanley B. Anderson, Esq., for the respondent.

Memorandum Opinion

ARNOLD, Judge:

This proceeding involves an income tax deficiency for 1940 of $19,561.81. The issue is whether $30,000 received by the decedent's estate in 1940 represented proceeds from the sale of 500 shares of stock of the Foster Petroleum Corporation to the latter, or whether it represented the redemption of that stock at such time and in such manner as to be essentially equivalent to the distribution of a taxable dividend within the...

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