Helvering v. William Flaccus Oak Leather Co., 313 U.S. 247 (1941)

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Helvering v. William Flaccus Oak Leather Co.

No. 627

Argued April 3, 1941
Decided April 28, 1941
313 U.S. 247

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE THIRD CIRCUIT

Syllabus

A sum received by a taxpayer as proceeds of insurance on buildings and equipment destroyed by fire (no part of the sum so received having been expended to replace the destroyed property, which, prior to 1935, had been completely depreciated for income tax purposes) held not a gain from the "sale or exchange" of capital assets within the meaning of § 117(d) of the Revenue Act of 1934. P. 249.

114 F.2d 783, reversed.

Certiorari, 312 U.S. 671, to review the reversal of a decision of the Board of Tax Appeals which sustained the Commissioner’s determination of a deficiency in income tax.