Barton Theatre Company, an Oklahoma Corporation v. Commissioner of Internal Revenue

LOGAN, Circuit Judge.

Barton Theatre Company appeals a Tax Court determination that stock it owned in The Atlas Organization, Inc. was redeemed during the 1966 rather than the 1967 calendar year. Whether that decision was correct is the only issue in this appeal.

Barton owned 37.5 of 50 outstanding shares of stock in Atlas. Sometime during 1966 Barton representatives and the other Atlas shareholder reached an agreement by which Barton would surrender to Atlas its 37.5 shares, assign to Atlas an undivided one-half interest in a real estate lease, and assume a $116,666 mortgage note owed by…