GARDNER, Chief Judge.
Taxpayer, a Delaware corporation, on June 20, 1949, pursuant to resolution of its board of directors transferred from its capital surplus account the amount of $1,269,706.49 and from its earned surplus account the amount of $21,688,254.55 to its capital stock account, which transfer resulted in making its capital stock account $32,694,960. It issued no additional stock or shares to its stockholders. Following this transaction and on or about...
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