United States Board of Tax Appeals November 6, 1925, Docket No. 2756 (Appeal of Sentinel Publishing Co.)

*1215OPINION.

Littleton:

It is contended by the taxpayer that when the Curtis B. Johnson Publishing Co. was incorporated its stock was issued to the incorporators for cash and that this cash, or the equivalent, was used by the corporation for the purpose of purchasing the assets of the Knoxville Sentinel Co., as follows:

(a) Gash and equivalent-$200, 000.00

(b) Bonds___ 50*000.