GARRECHT, Circuit Judge.
This appeal involves the application of Section 112(b) (1) of the Revenue Act of 1928, 45 Stat. 791, 816, 26 U.S.C.A. § 112 (b) (1).
The appellant is a family corporation, organized in 1912 by Joseph Burkhard, father of the present officers thereof. In 1930 the appellant acquired a tract of land known as the "Empire Ranch," located in Altadena, California. The property had originally been acquired...
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