JONES, Circuit Judge.
In 1937 the taxpayer received certain stock and stock warrants of the Pittsburgh Hotels, Inc. (hereinafter called the "New Company") in exchange for second mortgage bonds of the Pittsburgh Hotels Corporation (hereinafter called the "Old Company") which he had purchased for cash in 1928. The exchange was made pursuant to a plan approved by the District Court in a 77B proceeding for the reorganization of the Old Company. The taxpayer sold his stock...
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