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TURNBOW v. COMMISSIONER

No. 60.

368 U.S. 337 (1961)

TURNBOW ET UX. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided December 18, 1961.

Attorney(s) appearing for the Case

Francis N. Marshall argued the cause for petitioners. With him on the briefs were Francis R. Kirkham and Harry R. Horrow.

Wayne G. Barnett argued the cause for respondent. With him on the briefs were Solicitor General Cox, Assistant Attorney General Oberdorfer, Harry Baum, A. F. Prescott and Arthur I. Gould.

MR. JUSTICE WHITTAKER delivered the opinion of the Court.

This case involves and turns on the proper interpretation and interaction of §§ 112 (g) (1) (B), 112 (b) (3) and 112 (c) (1) of the Internal Revenue Code of 1939.1 Specifically the question presented is whether, in the absence of a "reorganization," as that term is defined in § 112 (g) (1) (B) and used in § 112 (b) (3), the gain on an exchange of stock for stock...

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