BORAH, District Judge.
This action was tried by the Court without the intervention of a jury on an agreed stipulation of facts. Briefly stated, the material facts are these:
On January 2, 1936, R. & L., Inc., with 5,553 shares of capital stock oustanding, owned real estate valued at $964,564.16 and, in addition, owned 2,500 shares of Rochelle Investment Corporation and 10 shares of E. V. R., Inc. On the day aforementioned, by an agreement of merger executed...
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