Memorandum Findings of Fact and Opinion
MULRONEY, Judge:
The respondent determined a deficiency in petitioners' income tax for the year 1956 in the amount of $70,063.15.
The issue is whether a corporate distribution of $125,000 to John McShain in redemption of some of his stock was essentially equivalent to a dividend.
Findings of Fact
The petitioners are husband and wife, residing in Philadelphia, Pennsylvania. Their joint return...
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