(dissenting).
I regret that I cannot join in the opinion of the majority of the court. It is my judgment that the case should be reversed for the reason, as I think, that the Commissioner, and the Tax Court affirming, misinterpreted Section 437(c) and because I am of opinion that Section 437(c) does not permit reduction of equity capital below zero. And, further, that the Commissioner’s and the Tax Court’s distinction between the present case and the Thomas Paper Stock case, 22 T.C. 1294, is not valid.