- Ag Docket
(petitioner was a 40 percent shareholder in an S corporation who received a Form K-1 for $215,000 of S corporation ordinary business income and $2,000 of interest; petitioner did not receive cash distribution and, after an accounting sold his stock to the S corporation in a complete redemption of his interest; petitioner did not report the K-1 income on the basis that he was not beneficial owner of his shares during year in question because he was frozen out as a shareholder; no agreement existed allowing other shareholder to take beneficial ownership away from petitioner and petitioner still had economic benefit of shares; petitioner liable for tax on share of S corporation income).
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