Court of Appeals for the Fifth Circuit January 23, 1969, 26206 (United States v. Nancy E. Lake)

WISDOM, Circuit Judge:

Section 303

1

of the Internal Revenue Code of 1954 provides that a

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redemption of stock, the value of which has been included in a decedent’s gross estate for federal estate tax purposes, shall be considered as payment for the stock and entitled to capital gains treatment, rather than as a dividend (under § 301), up to the amount of the federal and state death taxes and