MERRILL, Circuit Judge:
This appeal presents the question whether a redemption of stock by a corporation is, as to the shareholder, subject to capital-gain treatment or is to be treated as a dividend.
Section 302 of the Internal Revenue Code, 26 U.S.C. § 302, governs. Section 302(a) provides that if conditions set forth in § 302(d) apply, a redemption of stock shall "be treated as a distribution in part or full of payment in exchange for stock."...
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