United States Tax Court September 9, 1964, Docket Nos. 93517, 93518 (Burke v. Commissioner)

Hott, Judge:

The Commissioner determined income tax deficiencies for the calendar year 1957 as follows:

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These cases were consolidated for trial and brief. The sole issue is whether the distribution to petitioners in 1957 of stock of L. B. Walker Radio Co. of Grand Junction was tax free under the provisions of section 355 of the Internal Revenue Code of 1954.