Respondent determined deficiencies in petitioners' income taxes for 1948, 1950, and 1951 in the respective amounts of $13,198.02, $36,413.85, and $109,033.16.
The three issues remaining for determination relate to the years 1948 and 1951:
1. What is petitioners' basis in 1,324 shares of stock for the purpose of computing gain upon a liquidating distribution received from a corporation in 1951?
2. Are petitioners entitled to deduct legal fees and other...
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