AUGUSTUS N. HAND, Circuit Judge.
The taxpayer, Gold & Stock Telegraph Company, on January 1, 1882, leased its entire property to the Western Union Telegraph Company. Western Union agreed to pay an annual rental of $300,000 payable quarterly, being a sum equal to 6 per cent. per annum on the taxpayer's capital stock. The taxpayer authorized and requested Western Union to pay the rental by pro rata distributions to the several stockholders of the taxpayer as they...
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