WESTERN FEDERAL SAVINGS & LOAN ASSOCIATION v. COMMISSIONER

Docket No. 5993-83.

55 T.C.M. 372 (1988)

T.C. Memo. 1988-107

Western Federal Savings & Loan Association v. Commissioner.

United States Tax Court.

Filed March 10, 1988.


Attorney(s) appearing for the Case

Robert Schell and Keith G. Engel, for the petitioner. Bruce W. Baker, for the respondent.


Memorandum Findings of Fact and Opinion

HAMBLEN, Judge:

Respondent determined a deficiency of $3,496 in petitioner's Federal income tax for the taxable year ending September 30, 1980.

The sole issue for our determination is whether a stock dividend received by petitioner in 1979 from the Federal Home Loan Bank of Des Moines is taxable to petitioner under section 305(b)(1).1...

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