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JOHNSON v. COMMISSIONER

Docket No. 15102-80.

78 T.C. 564 (1982)

JAMES HERVEY JOHNSON, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 8, 1982.

Attorney(s) appearing for the Case

Sebastian D'Amico, for the petitioner.

Kevin M. Bagley, for the respondent.

OPINION

RAUM, Judge:

The Commissioner determined a deficiency of $52,008.13 in petitioner's income tax for the taxable year ended December 31, 1974. The principal issue is whether a $102,000 cash distribution received by petitioner, as part of an exchange of stock for stock plus cash in a recapitalization of the Missouri Pacific Railroad Co. is taxable to him as a dividend, pursuant to sections 368(a)(1)(E) and 356(a)(1) and (2), I.R.C. 1954, or whether...

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