SWAN, Circuit Judge.
This appeal presents but a single issue: whether under the circumstances hereafter to be stated the petitioner received taxable income for the year 1934 by reason of rents paid under a lease made by the petitioner as lessor. The facts were stipulated.
The petitioner is a New York corporation whose business is buying, selling and renting real estate. Its stock was originally owned in equal parts by three men, who were also its only directors...
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