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COMMISSIONER OF INTERNAL REVENUE v. NEUSTADT'S TRUST

No. 44.

131 F.2d 528 (1942)

COMMISSIONER OF INTERNAL REVENUE v. NEUSTADT'S TRUST et al.

Circuit Court of Appeals, Second Circuit.

November 16, 1942.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen.; Sewall Key, Samuel H. Levy, and Edward H. Hammond, Sp. Assts. to Atty. Gen., for petitioner.

Harry Silverson, of New York City (Proskauer, Rose, Goetz & Mendelsohn and Wilbur H. Friedman, all of New York City, of counsel), for respondents.

Before L. HAND, SWAN and CHASE, Circuit Judges.

SWAN, Circuit Judge.

In 1937 the taxpayers, trustees of a testamentary trust for the benefit of Agnes Neustadt, exchanged their holdings of 20 year 6 per cent. debentures of Paramount Pictures, Inc., for a like face amount of 10 year 3¼ per cent. convertible debentures of the same company, pursuant to a formal offer of exchange addressed by the company to all holders of the 20 year debenture bonds. The commissioner contended that this resulted in a taxable gain...

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