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There is a birth registration for a James Ian Hepburn 1933, Ref 223/33, Reg. Dist. Monquhitter.
It appears to be the only one in the relevant time frame as James Ian.
Is it likely that Margaret married?
There was just one birth record for plain Margaret between 1907 and 1911. This Margaret's birth record shows that she was born on 5th June 1909 at 37 Hutcheon? St., Aberdeen, parents William and Margaret nee Caldwell.
The family were at this address in the 1911 census.