MINTON, Circuit Judge.
In 1938 the plaintiff-appellant, Fox River Paper Corporation, hereafter referred to as the taxpayer, purchased a paper mill from the Fox River Paper Company, hereafter referred to as the old company, for $1,250,000 in cash and all of the taxpayer's authorized preferred stock, consisting of 5,000 shares of a par value of $100 each. In its Federal income tax returns for 1939 and 1940 the taxpayer claimed depreciation on a valuation of $1,750,000...
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