HUTCHESON, Circuit Judge.
Appellant, on February 28, 1927, entered as an asset on its books, 987 shares of Reagan County Purchasing Company stock, issued in the name of the Texon Oil and Land Company of Delaware, its parent company and owner of its shares. In its income tax return filed for its fiscal year, 1926-27, appellant reported these shares as an asset received during the year at a value of $1, "the real value to be later determined." Thereafter things began...
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