The respondent determined a deficiency in income tax for the fiscal year ended June 30, 1938, in the amount of $6,056.68, and added a penalty for negligence in the amount of $302.83.
The issues presented for decision are: (1) Whether the distribution of property held in the name of the Wofford Hotel Corporation, including hotel and residence buildings and the furnishings therein, made by a master pursuant to a decree of a state court in a suit between the stockholders...
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