PIERCE, Judge:
The respondent determined deficiencies in the income taxes of the petitioners for the calendar years 1957 and 1958, in the amounts of $2,346.11 and $3,287.45, respectively.
The sole issue is whether distributions of $5,000 and $7,000 which the H. A. Leed Co. made to petitioner Isidore Himmel in 1957 and 1958, respectively, in redemption of part of the shares of preferred stock which petitioner held in said company, were essentially equivalent...
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