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UNITED STATES v. MIDLAND-ROSS CORP.

No. 628.

381 U.S. 54 (1965)

UNITED STATES v. MIDLAND-ROSS CORP.

Supreme Court of United States.

Decided May 3, 1965.

Attorney(s) appearing for the Case

Frank I. Goodman argued the cause for the United States. With him on the brief were Solicitor General Cox, Assistant Attorney General Oberdorfer, Wayne G. Barnett and Joseph Kovner.

Theodore R. Colborn argued the cause for respondent. With him on the brief was Theodore M. Garver.

MR. JUSTICE BRENNAN delivered the opinion of the Court.

The question for decision is whether, under the Internal Revenue Code of 1939, certain gains realized by the taxpayer are taxable as capital gains or as ordinary income. The taxpayer bought noninterest-bearing promissory notes from the issuers at prices discounted below the face amounts. With one exception, each of the notes was held for more than six months, and, before maturity and in the year of purchase,...

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