THOMPSON, Circuit Judge.
This is a petition for review of a decision of the Board of Tax Appeals. The respondent's husband had acquired 2,948 shares of Standard Sanitary Manufacturing Company stock, by purchase and stock dividends, at an aggregate cost of $249,573. In February, 1923, the par value of the stock was reduced from $100 to $25 and each share was exchanged for 4, thereby increasing his holdings from 2,948 to 11,792 shares. In April, 1923, the respondent...
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