The respondent determined a deficiency in income tax for the year 1940 against Maurice A. Mittelman and Carmyle Mittelman in the sum of $12,040.45. By amendment to his answer, the respondent seeks to increase the deficiency by $4,916.33, or to a total deficiency of $16,956.78.
The issues are:
(1) Whether the gain realized by the petitioners from the exchange in 1940 of 435 shares of class B stock in Goetz-Mittelman, Inc., is taxable as a distribution in partial...
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