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BANNER v. COMMISSIONER

Docket Nos. 3655, 3656.

4 T.C.M. 342 (1945)

Harry Banner v. Commissioner. Abraham Kirschenbaum v. Commissioner.

United States Tax Court.

Entered March 27, 1945.

Attorney(s) appearing for the Case

Samuel Feuer, Esq., 67 W. 44th St., New York, N. Y., for the petitioners. Walt Mandry, Esq., for the respondent.

In determining deficiencies in 1941 income tax of $25,850.55 as to Banner and $25,847.07 as to Kirschenbaum, the Commissioner held that amounts received by them as the sole shareholders of a corporation, although in form received in sale to the corporation of some of their shares, were essentially equivalent to dividends and taxable as such under Int. Rev. Code. Sec. 115(g).

Findings of Fact

The petitioners, residents...

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