This proceeding involves a deficiency of $1,543.94 in income tax and a deficiency of $2,327.52 in excess profits tax asserted against the petitioner for the year 1943. The only question to be determined is whether the petitioner sustained a loss from the distribution in kind of certain of its assets to one of its three stockholders in exchange for one-third of its outstanding common stock held by that stockholder.
FINDINGS OF FACT.
Lucius Pitkin, Inc., the...
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