DAWSON, Judge:
Respondent determined deficiencies in petitioner's Federal income taxes for the years 1976 and 1977 in the amounts of $7,350.71 and $38,943.17, respectively. Concessions have been made by the parties. The issues remaining for decision are:
(1) Whether the step transaction doctrine should be applied to treat a contemporaneous redemption of a portion of the stock of petitioner's subsidiary and a redemption of some of its own stock as a...
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