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COMMISSIONER OF INTERNAL REVENUE v. GILMORE'S ESTATE

Nos. 7937-7943.

130 F.2d 791 (1942)

COMMISSIONER OF INTERNAL REVENUE v. GILMORE'S ESTATE and six other cases.

Circuit Court of Appeals, Third Circuit.

Decided August 28, 1942.

Attorney(s) appearing for the Case

Samuel H. Levy, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, and Bernard Chertcoff, Sp. Assts. to the Atty. Gen., on the brief), for petitioner.

Andrew B. Young, of Philadelphia, Pa. (Richard K. Stevens, of Philadelphia, Pa., on the brief), for respondents.

Before BIGGS, MARIS, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

Under § 112(b) (3) of the Revenue Act of 1934,1 under which this litigation arises, no gain or loss is recognized "if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization." One of the given definitions of a "reorganization" is a "statutory...

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