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SCHMITT v. COMMISSIONER

Docket Nos. 38971, 38972.

20 T.C. 352 (1953)

JOSEPH P. SCHMITT AND RUTH B. SCHMITT, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. JAMES S. LEHREN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 14, 1953.

Attorney(s) appearing for the Case

Norman D. Keller, Esq., for the petitioners.

Roy E. Graham, Esq., for the respondent.

These consolidated proceedings involve deficiencies in income taxes for 1947, as follows:

Joseph P. Schmitt and Ruth B. Schmitt ------------   $138,495.17
James S. Lehren ----------------------------------    167,076.99

The sole issue is whether a distribution of capital stock of the Wolverine Supply & Manufacturing Company to the petitioners in 1947 is essentially equivalent to a taxable dividend.

The case was submitted upon a stipulation...

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