United States Board of Tax Appeals April 29, 1927, Docket No. 6806 (Kendrick Coal & Dock Co. v. Commissioner)

*1096OPINION.

Smith:

The question presented by this proceeding is the amount of income, if any, realized by the petitioner from the sale or exchange in 1920 of certain assets of the petitioner for $50,000 cash, which the petitioner was obligated to use and did use in the purchase of 500 shares of the common capital stock of the Inland Coal & Dock Co., an Ohio coloration.