SPEAR BOX CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 199, Docket 21555.

182 F.2d 844 (1950)

SPEAR BOX CO., Inc., v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided June 7, 1950.


Attorney(s) appearing for the Case

Meyer Bernstein, New York City for petitioner.

Theron Lamar Caudle, Assistant Attorney General, Ellis N. Slack, Robert N. Anderson, Morton K. Rothschild, Special Assistants to Attorney General, C. Oliphant, Washington, D. C., for respondent.

Before SWAN, AUGUSTUS N. HAND and CHASE, Circuit Judges.


CHASE, Circuit Judge.

This case primarily involves the question whether, on the one hand, the petitioner realized income from, or, on the other, received a gift by virtue of, the retirement of its bonds at a cost to it of less than their face value. The facts are fully set forth in the opinion of the Tax Court, 13 T.C. 238, but a brief statement of the more pertinent ones may, perhaps, be helpful.

Petitioner, a New York corporation...

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