Memorandum Opinion
SCOTT, Judge:
Respondent determined a deficiency in petitioners' Federal income tax return for the taxable year ended December 31, 1970, in the amount of $18,388.59. The only issue for decision is whether a redemption of 673 shares of Class A nonvoting common stock of Furrs, Inc. owned by Roy Furr, was a redemption which was not essentially equivalent to a dividend.
All the facts have been stipulated and are so found.
Petitioners...
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