GRONER, Associate Justice.
This is a tax case and involves the question whether petitioner is entitled to deduct from gross income for the calendar year 1921 the sum of $30,800, representing the par value of 308 shares of its capital stock, which were issued to its president in January, 1922, in accordance with an agreement claimed to have been made June, 1921.
The appropriate statute is 234 (a) of Revenue Act 1921 (c. 136, 42 Stat. 227, 254). The statute...
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