Memorandum Findings of Fact and Opinion
The Commissioner determined a deficiency of $56,329.39 in the income tax of Lovell and Hart, Inc., for the taxable year ending February 28, 1965. The only issue remaining for decision is whether Lovell and Hart, Inc., received "other property" within the meaning of section 351(b), I. R. C. 1954, in connection with its transfer of property to Watts and Call Construction Company, Inc., during the taxable year ended February...
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