GARRECHT, Circuit Judge.
This petition involves a deficiency in federal income taxes in the amount of $19,805.58, determined against the petitioner for the calendar year 1923.
Petitioner was incorporated on November 17, 1922, under the laws of the state of California. On that date, in consideration of the issuance of 19,997 shares of its capital stock to William M. Keck and Alice B. Keck and the assumption by it of liabilities in the sum of $455,000, it acquired...
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