Memorandum Findings of Fact and Opinion
JOHNSON, Judge:
Respondent determined income tax deficiencies of $11,014.15 for each of the petitioners in 1948. The sole issue is whether there was a transaction, under section 115(g), I. R. C., essentially equivalent to the distribution of a taxable dividend where petitioner paid his debt to a corporation with that corporation's capital stock.
Findings of Fact
Some of the facts are stipulated and...
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