Memorandum Opinion
MELLOTT, J.:
Respondent determined deficiencies of $1,304.71 in income tax and $296.60 in excess profits tax for the taxable year 1939. The sole issue is whether the "preferred stock" certificates issued by petitioner evidence an indebtedness, rather than what their name connotes, and whether payments made as dividends thereon, pursuant to corporate resolutions, constitute interest payments for income tax purposes.
The facts are...
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