L. HAND, Circuit Judge.
The Commissioner has appealed from an order of the Tax Court, which expunged a deficiency and granted a refund of income tax of the taxpayer, Allan S. Lehman, for the year 1937. The case was tried upon stipulated facts, and involves the proper computation of a tax upon a capital gain, arising from the admission of new partners into the firm of Lehman Brothers, of which the taxpayer was a member. The firm was engaged in the brokerage business...
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