RIDDICK, Circuit Judge.
This is a petition to review a decision of the Board of Tax Appeals sustaining a deficiency determined by the Commissioner of Internal Revenue in the income tax of the taxpayer for the year 1937, because of sales by the taxpayer in that year of its own capital stock at a price in excess of its cost. The facts are not disputed. In 1932 the taxpayer, a corporation, in order to induce its president to remain in its service, granted him an option...
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