United States Board of Tax Appeals November 6, 1925, Docket No. 2573. (National Dairy Co. v. Commissioner)

lead-opinion

*1202OPINION.

Littleton:

The taxpayer alleged that the actual cash value of the tangible and intangible property paid in on June 25, 1918, for stock was $870,000, and that, in addition, substantial amounts of preferred stock were sold at par soon after its organization for promissory notes.