Under the former provision of the corresponding Federal statute (Revenue Act of 1934, § 117, subd. [d]; U. S. Code, tit. 26, § 117, subd. [d]), it was held that the language of the act "is to be given its ordinary meaning, and the words `sale' and `exchange' are not to be read any differently * * * Neither term is appropriate to characterize the demolition of property and subsequent compensation for its loss by an insurance company." (Helvering v. Flaccus Leather...
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