Helvering v. American Chicle Co., 291 U.S. 426 (1934)

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Helvering v. American Chicle Co.

No. 349

Argued February 6, 1934
Decided March 5, 1934
291 U.S. 426

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE SECOND CIRCUIT

Syllabus

Under the Revenue Acts of 1921, 1924 and 1926, a corporation which acquired all of the assets and assumed all of the liabilities of another, and thereafter purchased in the open market some of the latter’s bonds at less than their face value, held to have realized a taxable gain in the difference between the face value of the bonds and the amount it paid for them. United States v. Kirby Lumber Co., 284 U.S. 1. P. 430.

65 F.2d 454 reversed.

Certiorari, 290 U.S. 616, to review a judgment affirming a decision of the Board of Tax Appeals, 23 B.T.A. 221.