DENISON, Circuit Judge.
The corporation, in 1920, made its return of income tax for 1919, and paid the tax indicated. In 1925 it retired its preferred stock by paying it off at par. In November, 1925, the Commissioner assessed against the corporation a deficiency tax for 1919. In February, 1927, the Commissioner notified the preferred stockholders that he proposed to assess against them the amount of this deficiency, making such assessments against them as "transferees...
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