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O'BRION v. COMMISSIONER

Docket No. 24050.

10 T.C.M. 1122 (1951)

Clarence R. O'Brion and Olga M. O'Brion, Husband and Wife v. Commissioner.

United States Tax Court.

Entered November 30, 1951.

Attorney(s) appearing for the Case

Robert Ash, Esq., Munsey Bldg., Washington, D. C., and Carl F. Bauersfeld, Esq., for the petitioners. Joseph Landis, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined deficiencies in the petitioner's income tax for 1945 in the amount of $5,381.15. The sole issue in the present proceeding is whether the purchase and cancellation of its stock by a corporation was essentially equivalent to the distribution of a taxable dividend or whether the cancellation and distribution was a partial liquidation of the corporation.

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