MANTON, Circuit Judge.
On November 15, 1929, the respondent, a New York corporation, was the owner of 47,900 shares of common stock, of no par value, of the Forhan Company, a corporation which had outstanding 150,000 shares of common stock and 150,000 shares of class A common stock. The Forhan Company had accumulated, since February 28, 1913, a surplus of $2,383,263.51. On November 15, 1929, it transferred all its assets subject to its liabilities to the Zonite Products...
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