BIGGS, Chief Judge.
The case at bar concerns the 1947 income tax of Pennroad Corporation and its affiliates. In 1929 The Pennsylvania, Railroad Company caused the taxpayer, Pennroad, to be created so that it might do for Pennsylvania the things which Pennsylvania could not legally do for itself: the protection and extension of Pennsylvania's empire in the fiercely competitive field of railroad transportation. Pennsylvania caused Pennroad to invest its capital in stocks...
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