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ESTATE OF BEDFORD v. COMMISSIONER

Docket No. 107302.

1 T.C. 478 (1943)

ESTATE OF EDWARD T. BEDFORD, TITLE GUARANTEE AND TRUST COMPANY, EXECUTOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Promulgated January 26, 1943.

Attorney(s) appearing for the Case

H.S. McKinney, Esq., for the petitioner.

H. C. Clark, Esq., for the respondent.

OPINION.

ARUNDELL, Judge:

The Commissioner determined an income tax deficiency for the calendar year 1937 in the amount of $13,887.24. The sole issue is whether cash of $45,240 received by petitioner pursuant to a plan of recapitalization is taxable as a dividend, as determined by respondent, or as capital gain to the extent of 40 percent thereof, as reported by petitioner. The material facts are stipulated...

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