AUGUSTUS N. HAND, Circuit Judge.
On December 1, 1929, L. & E. Stirn, a partnership, acquired 4,636 shares of 7% cumulative preferred stock of Concordia-Gallia Corporation at a cost of $327,319.69. These shares of preferred stock represented 55.08% out of a total of 8,417 of such preferred shares issued and outstanding. On December 1, 1931, Concordia-Gallia issued to the partnership its 6% debenture bonds, having a par and fair market value of $463,600, in exchange...
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