This controversy involves a deficiency in income tax for the calendar year 1939 in the amount of $43,057.05. The sole issue is whether the cash distribution of $109,089, made by the A. Nash Co. in 1939, constitutes an ordinary dividend taxable to him in its entirety. The case was submitted on a stipulation of facts and oral testimony. The facts as stipulated are adopted as our findings of fact.
FINDINGS OF FACT.
The petitioner is an individual, residing...
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