BRATTON, Circuit Judge.
The question of major importance presented on this appeal is whether the sum of $2,000 received from a corporation in redemption of certain shares of preferred stock was taxable to the recipient thereof on the basis of being essentially the equivalent of a taxable dividend by the corporation.
Koma, Inc., hereinafter referred to as the corporation, had issued an outstanding common stock and preferred stock. In 1946, the board of directors...
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