MATHEWS, Circuit Judge.
Petitioner's wife, Ruth H. Lilienthal, owned 4,400 shares of stock of Southern California Gas Company, a California corporation, which she acquired at a cost of $16,500, and which in 1927 she exchanged for cash in the sum of $260,609.12 and bonds of Southern California Gas Corporation, a Delaware corporation, having a par value of $339,500 and a fair market value of $312,340. The bonds were not sold or disposed of by her in 1927. In a joint...
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