A deficiency of $1,057.11 in income tax for 1940 was determined as the result of several adjustments. The only determination assailed by the taxpayer is that an amount received by him from a corporation for 400 shares of its preferred stock was received in partial liquidation and not in a sale of a capital asset, and that therefore 100 percent of the gain is taxable as a short term gain.
FINDINGS OF FACT.
The petitioners, husband and wife, reside in Chicago...
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