DAVIS, Circuit Judge.
On July 17, 1920, the petitioner, whose income tax for the year 1929 is involved here, owned 500 shares of stock in the Lehigh Coal & Navigation Company. He had acquired the stock in six transactions at a cost of $30,632.50. The company issued stock rights in 1928, whereby the petitioner purchased 50 shares of stock for $2,500. On October 28, 1929, he sold the original 500 shares for $74,865. He still retains the 50 shares acquired by the...
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