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HELVERING v. TAYLOR

No. 275.

128 F.2d 885 (1942)

HELVERING, Com'r of Internal Revenue, v. TAYLOR et al.

Circuit Court of Appeals, Second Circuit.

June 19, 1942.

Attorney(s) appearing for the Case

Arthur A. Armstrong, Sp. Asst. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Samuel H. Levy, Sp. Assts. to the Atty. Gen., for petitioner.

Eugene L. Bondy, of New York City, (Bondy & Schloss and Charles Kurz, of New York City, of counsel), for respondents.

Before L. HAND, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

PER CURIAM.

Affirmed on so much of the opinion of Murdock, Member, as is quoted below.

"The first contention of the petitioner is that the new company acquired all of the properties of the old company solely in exchange for its stock within the meaning of (B). The real question is whether the issuance of its bonds by the new company in exchange for the bonds of the old company may be regarded as the assumption of the liability of the old company within the...

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