MARTIN, Chief Justice.
The question presented by this appeal is whether a taxpayer who owns certain shares of preferred stock in a corporation sustains a deductible loss, when, under the circumstances hereinafter set out, he surrenders a certain proportion of his stock to be canceled by the corporation, without receiving any direct consideration for the stock so surrendered and canceled.
The record discloses that the Kistler Lumber Company was a Delaware corporation...
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