United States Board of Tax Appeals April 23, 1931, Docket Nos. 41047, 42022, 42198 (Reliance Investment Co. v. Commissioner)

*1289OPINION.

Sternhagen :

1. The petitioner in 1925, 1926 and 1927, sold property which it had in 1914 acquired in exchange for all its stock. The respondent computed the gain from these sales upon the basis of the cost to petitioner-in 1914.