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EMERY v. COMMISSIONER OF INTERNAL REVENUE

No. 67, Docket 20713.

166 F.2d 27 (1948)

EMERY v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 30, 1948.

Attorney(s) appearing for the Case

C. Walter Randall, Jr., of Philadelphia, Pa. (Saul, Ewing, Remick & Saul, of Philadelphia, Pa., of counsel), for petitioner.

Theron Lamar Caudle, Helen R. Carloss, George A. Stinson, and Morton K. Rothschild, all of Washington, D. C., for respondent.

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

FRANK, Circuit Judge.

There are two issues which this court must decide: First, was there a taxable gain at all, under § 112(a)2 of the Internal Revenue Code and Treasury Regulations III, § 29.111-1?3 Second, was the exchange one in which no gain was recognizable under §§ 112(b) (3)4 and 112(g) (1) (E)5 as an exchange of securities...

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