The Commissioner determined deficiencies in income tax for the calendar year 1948, in the amount of $79,497.05, and for the calendar year 1949, in the amount of $78,123.69. Docket No. 54065, involving the deficiency for 1948, and Docket No. 56532, involving the 1949 deficiency, were consolidated in this proceeding. Certain of the adjustments set forth in the statutory notice are uncontested. The issues are (1) whether there should be a reduction of the basis of stock held...
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