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BLEILY & COLLISHAW, INC. v. COMMISSIONER

Docket No. 3876-76.

72 T.C. 751 (1979)

BLEILY & COLLISHAW, INC., A CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 3, 1979.

Attorney(s) appearing for the Case

Robert J. Williams, for the petitioner.

Thomas F. Kelly, for the respondent.

IRWIN, Judge:

Respondent determined a deficiency of $6,573 in petitioner's income tax for the taxable year 1973.

The only issue in this case is whether redemptions by Maxdon Construction, Inc. (Maxdon), of its stock held by petitioner constituted dividends taxable as ordinary income under sections 3011 and 316 or constituted distributions in exchange for its stock pursuant to section 302 and, therefore, taxable as capital...

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