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HELVERING v. METRO. EDISON CO.

No. 486.

306 U.S. 522 (1939)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. METROPOLITAN EDISON CO.

Supreme Court of United States.

Decided April 3, 1939.

Attorney(s) appearing for the Case

Miss Helen R. Carloss, with whom Solicitor General Jackson, Assistant Attorney General Morris, and Mr. Sewall Key were on the brief, for petitioner.

Mr. Maurice Bower Saul, with whom Mr. Bradford S. Magill was on the brief, for respondent in No. 486.

Mr. Edwin M. Sturtevant, with whom Mr. Clyde T. Warren was on the brief, for respondent in No. 487.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

These cases present the question whether, under the Revenue Acts of 1926 and 1928,1 a Pennsylvania corporation may deduct unamortized bond discount and expense in connection with redemption of the bonds of a subsidiary, all of whose assets it had previously acquired pursuant to local law. The court below answered this question in the affirmative.2 By reason...

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