FOSTER, Circuit Judge.
On December 29, 1934, appellee, Mrs. Margaret Cannon Howell, made a gift, in trust, of stock of various corporations to her four children. After deductions allowed by the statute there was a large amount subject to the transfer tax, under the provisions of the Revenue Act of 1932. Included in the gift were 12,440 shares of the common stock of the Cannon Mills Company. In making returns the taxpayer valued the Cannon stock at $26 per share. On...
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