Memorandum Opinion
STERNHAGEN, Judge:
The Commissioner determined deficiencies in petitioner's income tax of $269.29 for 1938, and $1,627.95 for 1939.
In the early part of 1938, petitioner owned 20 voting common shares, out of 60 outstanding, and 50 nonvoting preferred shares, out of 1,160 outstanding, of B. M. O. Corporation, the cost basis of which to him were $20,000 for the common and $7,500 for the preferred. B. M. O. owed him $20,200. B. M...
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