MARIS, Circuit Judge.
In December, 1922, the taxpayer exchanged debenture bonds of a Delaware corporation for bonds of the State of Missouri and the City of Buffalo. The original cost allocated to the debentures was $151,136.28. Their fair market value in December, 1922, was $711,746.55. The taxpayer held the state and municipal bonds for investment and not primarily for sale. In 1929 and 1930 the bonds matured and the taxpayer received $690,000 for them. In her income...
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