Memorandum Opinion
RAUM, Judge:
Respondent determined a deficiency in petitioners' income tax for the taxable year 1955 in the amount of $13,541.73. The only matter presently in controversy involves the proper tax treatment under the 1954 Code of the transfer by petitioner Ralph E. Cotter, Jr. of his undivided one-half interest in 25 acres of undeveloped farm land to a corporation, Glenhaven, Inc., in exchange for shares of the corporation's stock. The facts...
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