REED, Justice (Ret.), sitting by designation.
The plaintiff in this case claims that she is entitled to an income tax refund for the 1952 tax year. The plaintiff purchased some notes of the Standard Commercial Tobacco Co., Inc., from that corporation on July 1, 1951. She paid a total purchase price of $350,000.00. The corporation redeemed the notes on June 3, 1952, at their face value of $380,000.00. Plaintiff reported her profit of $30,000.00, the amount of the original...
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