Petitioner seeks a redetermination of a deficiency of $17,470.33 in income tax for the calendar year 1945. The only issue is petitioner's basis of stock acquired by it from the father of its principal stockholders.
FINDINGS OF FACT.
Some of the facts have been stipulated and are hereby found.
Petitioner is a North Carolina corporation, incorporated in 1929. Its income tax return for 1945 was filed with the collector of internal revenue for the district...
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