Our conclusion as to whether the transaction constitutes a sale or exchange is based on a review of the circumstances surrounding the transaction as a whole. Id.; see also Graham v. Commissioner, 26 T.C. 730, 739-740 (1956); Mylan Inc. v. Commissioner, T.C. Memo. 2016-45, at *15-*16, *18-*19. If a person acts as a conduit or middleman, then he or she did not acquire a sufficient interest for a subsequent transfer to qualify as a sale or exchange.