In these consolidated proceedings respondent determined deficiencies in income tax of petitioner corporation Park Lake Land Co. for the taxable year 1958 and for the period January 1, 1959, to May 19, 1959, in the amounts of $7,230.90 and $2,330.04, respectively, and corresponding transferee liabilities against the other petitioners to the extent of the respective corporate assets distributed to them as stockholders.
The sole issue before this Court is whether gains...
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