KERR, District Judge.
This is an action for the recovery of $88,330.27 paid for income taxes assessed and collected under the 1939 Internal Revenue Code for the taxable year ended December 31, 1948. The disputed tax liability involves the question of whether plaintiff was taxable on its transfer of Rees Land and Livestock Company stock in return for part of that company's assets, and if so, what is the proper basis of that stock for income tax purposes. The preliminary...
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