EVANS, Circuit Judge.
The Commissioner assessed a deficiency income and excess profits tax of $323,070.60 against respondent for the years 1934, 1935, 1937, and 1938. On appeal, the United States Tax Court set aside the assessment. This appeal by Commissioner followed.
The asserted tax deficiency was based on taxpayer's use of its predecessor's basis in determining gain or loss upon the sale of assets. In determining the basis for tax purposes, the bid price...
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