AUGUSTUS N. HAND, Circuit Judge.
The question involved in this appeal is whether a transfer to the petitioners as trustees by the Mortgage Commission of the State of New York of certain bonds and mortgages guaranteed by the New York Title and Mortgage Company were subject to a federal tax under Schedule A (9), Title VIII of the Revenue Act of 1926 as amended by Section 724 (a) of the Act of 1932, 26 U.S.C.A. Int.Rev.Acts, p. 297.
The amendment provides for...
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