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WELLHOUSE v. COMMISSIONER

Docket Nos. 112004, 112005.

3 T.C. 363 (1944)

LOUIS WELLHOUSE, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. ELY MEYER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 28, 1944.

Attorney(s) appearing for the Case

Max F. Goldstein, Esq., for the petitioners.

J. Marvin Kelley, Esq., for the respondent.

These cases, duly consolidated, involve income taxes for the calendar year 1939. In Docket No. 112004, Louis Wellhouse, Jr., the deficiency determined was $7,640.88; in Docket No. 112005, Ely Meyer, it was $8,043.35.

The questions presented are (a) whether a transaction by which the petitioners each exchanged 200 shares of common stock, which were then canceled, for 200 shares of preferred stock in the same corporation, resulted...

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