FRIEDMAN, Circuit Judge.
This is an appeal from a decision of the United States Claims Court that United States Steel Corporation (U.S. Steel) realized taxable income when it repurchased its outstanding bonds for less than their face amount. United States Steel Corp. v. United States, 11 Cl.Ct. 375 (1986), opinion on reconsideration, 11 Cl.Ct. 541 (1987). We reverse and remand.
I
Upon the organization of U.S. Steel's predecessor in 1901, the...
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