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COMMISSIONER OF INT. REV. v. COASTWISE TRANSP. CORP.

No. 2692.

62 F.2d 332 (1932)

COMMISSIONER OF INTERNAL REVENUE v. COASTWISE TRANSP. CORPORATION.

Circuit Court of Appeals, First Circuit.

December 17, 1932.

Attorney(s) appearing for the Case

Francis H. Horan, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key and Wm. Cutler Thompson, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and W. R. Lansford, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for Commissioner of Internal Revenue.

Harris H. Gilman, of Boston, Mass. (Allan H. W. Higgins, of Boston, Mass., on the brief), for Coastwise Transp. Corporation.

Before BINGHAM, WILSON, and MORTON, Circuit Judges.

WILSON, Circuit Judge.

This is a petition for review of a decision of the Board of Tax Appeals holding that there was no taxable income derived from the purchase by the corporation of its outstanding bonds or notes at less than the amount at which they were issued. The facts were agreed to and were summarized by the Board as follows:

"Coastwise Transportation Corporation, the petitioner, is a corporation organized under the laws of the State of Maine, and...

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