JOHN W. PECK, Circuit Judge.
The taxpayer is an incorporated personal holding company which in the years prior to 1965 had declared and paid dividends in sufficient amounts to avoid incurring a personal holding company tax. In December, 1965, the taxpayer declared a dividend which it paid by distributing cash in the amount of $96.00 and the capital stock of Texaco, Inc. which had a basis to the taxpayer of $2,089.57 and a fair market value at the time of the distribution...
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