A deficiency of $2,731.85 in the taxpayer's 1939 income tax is grounded upon the Commissioner's determination that a transaction in shares of Lederle Laboratories, Inc., was a partial liquidation, the gain in which was taxable in its entirety, and not a sale, the gain in which was taxable only to the extent of 50 percent.
FINDINGS OF FACT.
The taxpayer, a resident of Pearl River, New York, filed his 1939 income tax return on the cash receipts basis in Albany...
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