L. HAND, Circuit Judge.
The taxpayer appeals from an order of the Board of Tax Appeals assessing an income tax deficiency against him because of gain "realized" through the exchange of shares in one company for those in another. This was the result of a devious and complicated set of transactions which concededly were all parts of a single plan, although their execution extended over a period of several months. The Board decided that upon no view had the taxpayer...
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