Memorandum Findings of Fact and Opinion
Respondent determined a deficiency of $10,435.30 in the income tax of petitioners for the year 1948, as a result of his finding that an improper basis was used in computing gain or loss on the sale of certain securities in 1948 by petitioner Elizabeth D. Huntington, hereinafter referred to as petitioner.
Prior to 1917 petitioner owned 500 shares of the common stock of Phelps, Dodge & Co. which were exchanged in...
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