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REDDY v. COMMISSIONER

Docket No. 469-74.

66 T.C. 335 (1976)

JOHN J. AND MARGARET C. REDDY, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed May 24, 1976.

Attorney(s) appearing for the Case

Gene F. Reardon, for the petitioners.

Charles H. Cowley, for the respondent.

FAY, Judge:

Respondent determined a deficiency of $1,630 in petitioners' Federal income tax for 1970. We are to decide whether certain stock which became worthless during that year was issued in accordance with the requirements of section 12441 so as to entitle petitioners to ordinary loss treatment under that section.

FINDINGS OF FACT

Certain facts were stipulated by the...

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