PER CURIAM.
In this income tax case it appears the taxpayer, an operating railroad corporation, had, in 1909, in the purchase of railroad property, issued $900,000 of its own bonds at par. In the tax year of 1930 it bought back $55,000 par value of these bonds for $39,832.50. While it has not surrendered such bonds to the trustee for cancellation, it still owns them, and by its purchase has proportionately paid such part of its indebtedness. On hearing, the Commissioner...
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