ALVIN B. RUBIN, Circuit Judge:
Solely in exchange for nonvoting stock, an eighty-year-old taxpayer conveyed her 5700-acre Texas ranch, worth $634,000, to a closely held corporation in which she owned only 34% of the voting stock. Shortly thereafter she gave most of the stock she had received to her children and grandchildren. The Internal Revenue Service assessed a deficiency in gift tax based on its appraisal of the stock. The taxpayer paid the tax and sued in district...
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