AUGUSTUS N. HAND, Circuit Judge.
On January 2, 1929, the taxpayer owned 2,500 shares of the United Cork Companies, and on the same date the latter company declared a dividend of one share of National City Bank stock, which it had among its assets, for each ten shares held by its stockholders in its own stock. It had purchased 1,335 shares of the City Bank stock at various times after February 28, 1913, and distributed 845 shares of the total amount to its stockholders...
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