The Commissioner determined that there was a deficiency of $6,919.07 in the income tax of petitioner for the calendar year 1948. The issues are (1) whether the petitioner realized a recognizable loss on the distribution of certain shares of Warren Petroleum Corporation stock as a dividend to its stockholders, and (2) if such a loss is recognizable, whether a part of it must be disallowed under the provisions of section 24 (b) (1) (B) of the Internal Revenue Code.
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