Memorandum Findings of Fact and Opinion
MULRONEY, Judge:
Respondent determined a deficiency in petitioners' 1958 income tax in the amount of $8,776.14.
The issue is whether petitioner Isabel C. Levy received dividend income in the amount of $15,000 when the sum was paid to her in 1960 by the Associated Advertising Agency, Inc. in redemption of all of its preferred stock which she had held since its issuance.
Findings of Fact
Petitioners...
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