McLAUGHLIN, Circuit Judge.
This is an appeal in an income tax case by the taxpayer from a judgment against it on the pleadings in its suit to recover income taxes alleged to have been paid in error.
On April 22, 1926 appellant, as trustee, purchased $110,000 par value City of Philadelphia 4¼% bonds due April 1, 1976 with optional retirement date of April 1, 1946, at 102¼, the total purchase price being $112,475. On December 8, 1941 appellant surrendered...
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