L. HAND, Circuit Judge.
The Commissioner assessed deficiencies against the taxpayer because he took a lower "basis" for the depreciation of its property than it had taken, and the only question is whether the proper "basis" was the value when the property was conveyed to the taxpayer on July 26, 1934, or when a predecessor company acquired it in 1923. The facts upon which that question depends were agreed upon by stipulation and were as follows. The predecessor company...
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