These 15 consolidated cases involve the taxability of a distribution of surplus in 1943 which the individual petitioners contend was a nontaxable stock dividend. Petitioner George T. Lester, Sr., also contests a 5 per cent negligence penalty asserted by the respondent in the amount of $714.10. The issue in the corporation's case concerns the computation of its equity invested capital for excess profits tax purposes, as this may be affected by the decision on the stock dividend...
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