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COMMISSIONER OF INTERNAL REVENUE v. KORELL

No. 202, Docket 21225.

176 F.2d 152 (1949)

COMMISSIONER OF INTERNAL REVENUE v. KORELL.

United States Court of Appeals Second Circuit.

Decided June 8, 1949.

Rehearing Denied July 14, 1949.

Attorney(s) appearing for the Case

Fred E. Youngman Sp. Asst. to the Atty. Gen., of Washington, D. C. (Theron Lamar Caudle, Asst. Atty. Gen., and Ellis N. Slack, Robert N. Anderson, and Sumner M. Redstone, Sp. Assts. to the Atty. Gen., all of Washington, D. C., on the brief), for petitioner.

Paul L. Peyton, of New York City (John J. Fogarty and Frederick H. Bruenner, both of New York City, on the brief), for respondent.

Before CHASE, CLARK, and DOBIE, Circuit Judges.

CLARK, Circuit Judge.

This case presents a problem as to the nature of the "amortizable bond premium" which was first allowed as a deduction from gross income for federal income tax purposes in 1942. The taxpayer has claimed such a deduction on his 1944 tax for the excess cost to him, over the amounts payable, of certain bonds which were callable at the debtor's option and convertible at his option into shares of the debtor's stock. His contention has been sustained...

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