This proceeding was brought for a redetermination of a deficiency in petitioner's income tax for the year 1940 in the amount of $7,343.21. Petitioner claims an overpayment of tax for that year in the amount of $30,488.15.
A claimed additional deduction of $873.40 for capital stock tax is conceded by respondent.
The question presented relates to the basis of securities sold by petitioner in the taxable year which had been obtained pursuant to a reorganization...
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