DUFFY, District Judge.
This is an action to recover $5,870.53 income tax paid by plaintiff for the year 1940.
In 1928 and 1929 plaintiff acquired 1,051 shares of the common stock of Continental Shares, Inc., at a cost of $35,629.35. On February 26, 1940, he received in exchange for this stock six shares of the common stock of Liquidating Shares, Inc., and two shares of the common stock of Cliffs Corporation, having a combined market value of $50. Plaintiff...
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