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BASSICK v. COMMISSIONER OF INTERNAL REVENUE

Nos. 35, 36.

85 F.2d 8 (1936)

BASSICK v. COMMISSIONER OF INTERNAL REVENUE. PERKINS v. SAME.

Circuit Court of Appeals, Second Circuit.

July 6, 1936.

Attorney(s) appearing for the Case

Louis B. Eppstein, of New York City (Louis B. Eppstein, Ira W. Hirshfield, and Louis J. Altkrug, all of New York City, of counsel), for petitioners.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to the Atty. Gen., for respondent.

Before MANTON, SWAN, and CHASE, Circuit Judges.

MANTON, Circuit Judge.

These two petitions are similar, and will be considered in one opinion.

Deficiencies were charged against the respective petitioners for their income tax returns for 1923. The issue is whether the provisions of section 202 of the Revenue Act of 1921, c. 136, 42 Stat. 227, 229, require that a gain shall be recognized on a transaction in 1923 whereby the petitioners secured in exchange for common stock of the Bassick Company cash, bonds...

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