Respondent determined a deficiency in income tax against petitioner in the amount of $663,519.48 for the taxable year 1957.
The issues for decision are:
(1) What was the cost basis, for purposes of computing the correct amount of gain on sale, of two ships acquired by petitioner in 1957 for cash and stock, and resold in the same year?
(2) Is the cost basis, for purposes of computing...
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