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LUCKMAN v. COMMISSIONER

Docket No. 3959-65.

50 T.C. 619 (1968)

SID LUCKMAN AND ESTELLE LUCKMAN, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 24, 1968.

Attorney(s) appearing for the Case

George V. Delson and Arnold Broser, for the petitioners.

Lawrence Shongut and Stanley J. Goldberg, for the respondent.

FORRESTER, Judge:

Respondent determined a deficiency in petitioners' income tax for the calendar year 1961 in the amount of $24,475.13.

The only issue is whether petitioners' receipt of $37,245.75 from Rapid American Corp. in 1961 was a taxable dividend or a return of capital. Respondent in his statutory notice of a deficiency determined the amount received to be $49,666 but has since stipulated that $37,245...

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