SOPER, Circuit Judge.
This petition for a review of a decision of the Board of Tax Appeals raises the question whether J. E. Timberlake, the taxpayer, received taxable income in 1936, when he purchased from a closely held corporation, of which he was a stockholder, shares of stock in another corporation at less than their fair market value.
Thomas and Howard Company of Columbia, South Carolina, hereinafter called the Columbia Company, bought 775 shares of...
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