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COMMISSIONER OF INTERNAL REVENUE v. STANLEY CO.

No. 75, Docket 21666.

185 F.2d 979 (1951)

COMMISSIONER OF INTERNAL REVENUE v. STANLEY CO. OF AMERICA.

United States Court of Appeals Second Circuit.

Decided January 4, 1951.

Attorney(s) appearing for the Case

Theron Lamar Caudle, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson and Sumner M. Redstone, Sp. Assts. to Atty. Gen., Charles Oliphant and Helen Goodner, Washington, D. C., for petitioner.

Lawrence A. Baker, Washington, D. C., for respondent.

Before L. HAND, Chief Judge, and SWAN and CHASE, Circuit Judges.

SWAN, Circuit Judge.

The question presented by this appeal is whether the Tax Court erred in holding that the Stanley Company realized no gain in exchanging its own mortgage bonds for a larger face value of mortgage bonds of another corporation. The facts were stipulated and may be briefy summarized: In 1928 Stanley-Davis-Clark Corporation, a Pennsylvania corporation, hereafter referred to as the Clark Company, purchased a theatre in Pittsburgh and issued a purchase...

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