Memorandum Opinion
JOHNSON, Judge:
The Commissioner has determined a deficiency in income tax of $3,444.31 for the fiscal year ended September 30, 1946. The only issue is whether the excess of fair market value over basis of the assets distributed by petitioner to its preferred stockholders in partial payment of the preferred stock dividend declared January 4, 1946, constitutes income taxable to petitioner in the fiscal year ended September 30, 1946.
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