GRONER, Associate Justice.
This is an appeal from a decision of the Board of Tax Appeals. There are two questions involved.
Petitioner is a Delaware corporation engaged in the manufacture of axes, scythes, knives, etc. In January, 1921, it acquired the assets and assumed the liabilities of the Dunn Edge Tool Company. The book value of these assets at the date of acquisition was $187,789.06, for which petitioner paid $36,000 in cash and delivered its preferred...
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