L. HAND, Circuit Judge.
This case arises on a petition to review an order of the Board of Tax Appeals, assessing the taxpayer for a deficiency in his income for the year 1928. He was a stockholder of a corporation which through two cash payments on March 6th and March 27th, 1928, decreased its outstanding capital from $2,500,000 to $1,750,000, by reducing the par value of each share from $100 to $70. He claims that this reduction fell within § 115(c) of the Revenue...
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