THOMPSON, Circuit Judge.
This is an appeal from an order of redetermination of the Board of Tax Appeals. In March, 1916, the respondent, a New Jersey corporation, subscribed to 1,000 shares of the capital stock of the Fourteenth Ward Building & Loan Association, a domestic corporation. The respondent paid a membership fee of $1, at the time of the subscription and $97,000 in monthly installments of $1,000 each, or an aggregate sum of $97,001. Thereafter it applied...
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