L. HAND, Chief Judge.
The Commissioner appeals from an order of the Tax Court, expunging a deficiency assessed against the respondent in its income and declared value excess profits tax for the year 1940. The question is whether the taxpayer realized a capital gain upon the sale of 10,000 shares of stock by the American-Hawaiian Steamship Company, which owned all the taxpayer's shares, which conducted the taxpayer's business by its own officers, and which we shall...
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