PER CURIAM.
The question presented by this appeal arises as follows: In 1914 the taxpayer, which keeps its books on an accrual basis, bought all the assets of another company, and assumed its debts. These included an issue of bonds which provided for an annual amortization by purchase in the market. In the years 1924 and 1925, the taxpayer, in accordance with its obligation bought a number of these bonds at less than their face and so retired them. The Commissioner...
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