A deficiency of $137,561.21 in income and victory tax for calendar year 1943 is challenged on the ground that respondent erred in treating as "essentially equivalent to the distribution of a taxable dividend," under section 115 (g), Internal Revenue Code, amounts received by petitioner in exchange for stock and reported by him as long term capital gain.
The case was heard on a stipulation of facts and other evidence.
FINDINGS OF FACT.
The stipulated...
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