1. Home
  2. Browse Decisions
  3. T.C.
  4. 49 T.C.
  5. 49 T.C. 476 (1968)
 

SMITH v. COMMISSIONER

Docket No. 1502-66.

49 T.C. 476 (1968)

JOE L. SMITH, JR., AND NANCY R. SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 14, 1968.

Attorney(s) appearing for the Case

Robert B. Yorty, for the petitioners.

Robert A. Roberts, for the respondent.

MULRONEY, Judge:

Respondent determined a deficiency in petitioners' income tax for 1961 in the amount of $19,315.21. The issue is whether a corporate distribution of its debentures in the amount of $40,000 to Joe L. Smith, Jr., in 1961 in exchange for 800 shares of the corporation's common stock constituted a redemption equivalent to a dividend within the meaning of section 302 of the 1954 Internal Revenue Code.1

FINDINGS...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases