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HELVERING v. CEMENT INVESTORS

No. 644.

316 U.S. 527 (1942)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. CEMENT INVESTORS, INC.

Supreme Court of United States.

Decided June 1, 1942.

Attorney(s) appearing for the Case

Assistant Attorney General Clark, with whom Solicitor General Fahy and Messrs. Sewall Key, J. Louis Monarch, and Samuel H. Levy were on the briefs, for petitioner.

Mr. Stephen H. Hart, with whom Mr. James B. Grant was on the brief, for respondent in No. 644. Mr. Richard M. Davis for respondents in Nos. 645 and 646.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

The issue presented by these cases is whether, under § 112(b)(5) of the Revenue Act of 1936 (49 Stat. 1648, 1678, 26 U.S.C. § 112 (b) (5)), the gain of the taxpayers from the transactions in question should be recognized.

The taxpayers owned first mortgage bonds of Colorado Industrial Co., which was a wholly-owned subsidiary of the Colorado Fuel and...

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