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WEAVER v. COMMISSIONER

Docket No. 61628.

32 T.C. 411 (1959)

W. H. WEAVER AND EDITH H. WEAVER, HUSBAND AND WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 29, 1959.

Attorney(s) appearing for the Case

Claude C. Pierce, Esq., and Stanley Worth, Esq., for the petitioners.

Ralph V. Bradbury, Esq., for the respondent.

ATKINS, Judge:

Respondent determined deficiencies in income tax of the petitioners in the amounts of $127,841.68 and $195,226.67 for the years 1951 and 1953, respectively.

The issues are whether redemptions in 1951 and 1953 of class B stock by Bragg Development Company and Bragg Investment Company in the years 1951 and 1953 resulted in ordinary income to the petitioner-shareholders, pursuant to the provisions of section 117(m) of the Internal Revenue...

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