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

U.S. Supreme Court

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

Helvering v. American Chicle Co.

No. 349

Argued February 6, 1934

Decided March 5, 1934

291 U.S. 426

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

Page 291 U. S. 427

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. 291 U. S. 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.

Page 291 U. S. 428