The Commissioner determined a deficiency in income tax for 1949 in the amount of $23,204.85. Petitioner does not contest a minor adjustment. The chief questions are whether there was a statutory reorganization under section 112 (g) (1) (D) of the 1939 Code, and whether an exchange of part of the stock of one corporation for all of the stock of another corporation was a tax-free exchange within section 112 (b) (3). Other related questions are whether certain pieces of real...
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