The opinion
AruNdell,
concurring: In my opinion the several transactions discussed in the Board’s report were all steps in carrying out one general plan and their effect should bo considered as a whole and not separately. So considered, they constitute a reorganization within the meaning of the Act, and, by reason of section 203 (b) (2), the exchange does not give rise to gain or loss.
GoodRICh agrees with the foregoing.