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JEFFRIES v. COMMISSIONER

Docket No. 5535.

5 T.C. 1338 (1945)

LILLIAN JEFFRIES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 28, 1945.

Attorney(s) appearing for the Case

J. Mark Wilcox, Esq., and Paul J. Weiss, C. P. A., for the petitioner.

Edward L. Potter, Esq., for the respondent.

The respondent determined a deficiency of $32,827.36 in the petitioner's income tax for 1940. The only issue presented is whether the respondent erred in determining that the surrender of 12½ shares of the capital stock of the Girard Realty Co. for one-half of the corporate assets constituted a partial liquidation of the corporation and the gain realized was a short term capital gain, the entire amount of which was subject to taxation.

FINDINGS OF FACT.

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