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per share on December 31, 2000. We note that a capital loss is
allowable only if petitioner sold or exchanged some or all of his
shares. Sec. 1211(b).
We find that the distribution was a capital gain dividend.
It is clear from the record that the distribution was based upon
the number of shares owned by petitioner and that no portion was
allocated as a return of capital.
On this record, we conclude that the entire $7,118.80
distribution received by petitioner was a taxable capital gain
dividend. Accordingly, we sustain respondent’s determination.
Contentions we have not addressed are irrelevant, moot, or
without merit.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
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Last modified: May 25, 2011