SANBORN, Circuit Judge.
The question in this case is whether the words "gains from the sale of stock" as used in § 351(b) (1) (A) of the Revenue Act of 1934 defining a "personal holding company," c. 277, 48 Stat. 680, 751, 26 U.S. C.A. Int.Rev.Acts, pages 757, 758, include gains derived by a corporation from the final liquidation of a subsidiary corporation.
Congress in the Revenue Act of 1934, § 351(a), imposed a heavy surtax on the adjusted net...
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