Trustees Common Stock John Wanamaker Philadelphia Under Will of Wanamaker v. Commissioner

OPINION.

Oppek, Judge:

The first issue turns on whether section 115 (g) fits the transaction here involved. The provision is:(g) Redemption of Stock. — If a corporation cancels or redeems its stock (whether or notrsuch stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend, the amount so distributed in redemption or cancellation of the stock, to the extent that it represents a distribution of earnings or profits accumulated after February…