LARAMORE, Judge.
Plaintiffs sue for recovery of income taxes paid on reported capital gains resulting from exchange of stock in one corporation for voting stock in another. The question to be determined in this case is whether the transaction, as later outlined, was a non-taxable exchange under section 112(b) (3) of the Internal Revenue Code of 1939, 26 U.S.C. § 112(b) (3) (1952).
In 1912 the American Machine & Foundry Company (hereinafter called...
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