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GARDNER TRUST v. COMMISSIONER

Docket No. 31739.

20 T.C. 885 (1953)

EDNA W. GARDNER TRUST, THE THIRD NATIONAL BANK AND TRUST COMPANY, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 6, 1953.

Attorney(s) appearing for the Case

Meredith M. Daubin, Esq., for the petitioner.

Reuben D. Clark, Esq., for the respondent.

Respondent has determined an income tax deficiency of $9,195.06 for the calendar year 1943. The entire deficiency is due to the following adjustment:

It is held that the adjusted basis of 1,125 shares of Gardner-Richardson Company preferred stock, which were called for redemption on July 15, 1943, determined in accordance with the provisions of section 113 of the Internal Revenue Code, was $68,849.83 in lieu of $112,500.00 claimed on your return.

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