Petitioner inherited 150 shares of stock from the estate of his mother who died on July 20, 1960. In the Federal and State estate tax returns the stock was valued at $750 per share. In February of 1961, the corporation was liquidated and a final liquidation value was placed on the stock at $877.72 per share. Whereupon, petitioner reported a capital gain on both his 1961 Federal and State income tax returns, representing the increase in value of such stock of $127.72 per share...
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