L. HAND, Circuit Judge.
This appeal brings up a deficiency in income taxes assessed against the taxpayer for the year 1935, and depends upon what shall be taken as the "basis" in calculating her gain or loss upon the sale in that year of certain shares of stock, inherited from her father as part of a remainder, limited to her in a testamentary trust. He died on August 16, 1915, having devised and bequeathed the residue of his estate to his executors in trust for the...
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