This controversy involves a deficiency in income tax for the calendar year 1941 in the amount of $27,258. The sole issue is whether petitioner sustained a deductible loss in the taxable year on account of his investment in the capital stock of the Indian Territory Illuminating Oil Co.
The issue results from the respondent's denial of petitioner's claim for a long term capital loss on the ground that the final distribution on such capital stock was not received in...
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