SAWTELLE, Circuit Judge.
The petitioner asks for a review of orders entered by the United States Board of Tax Appeals, reported in 11 B. T. A. 979.
In 1916, the respondent and his associates sold oil and gas leases in Oklahoma, aggregating approximately 11,000 acres, to the Garfield Oil Company. In consideration therefor, the vendors received 200 shares of the company's stock, such shares having a total par value of $20,000. Of the stock thus issued, the respondent...
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