SWAN, Circuit Judge.
The Tax Court determined a deficiency in the income tax of William W. Carman for the year 1944. The Commissioner seeks review on the ground that the deficiency found was too small. The taxpayer's petition asserts that the court erred in finding any deficiency. The question presented is whether common stock and cash received by the taxpayer pursuant to a plan of reorganization is taxable on a capital gains basis or as ordinary income.
The...
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