McCain v. Commissioner
311 U.S. 527 (1941)

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U.S. Supreme Court

McCain v. Commissioner, 311 U.S. 527 (1941)

McCain v. Commissioner of Internal Revenue

No. 55

Argued December 12, 1940

Decided January 6, 1941*

311 U.S. 527

Syllabus

1. Losses sustained by holders of corporate and municipal bonds upon their surrender for cash to the obligors held deductible, in computing taxable income under the Revenue Act of 1934, only to the limited extent provided by § 117(d), relating to losses from sales or exchanges of capital assets, and not in full as bad debts under § 23(k). The amounts received in such transactions are amounts received upon the "retirement" of the bonds within the meaning of § 117(f). P. 311 U. S. 529.

2. In common understanding and according to dictionary definition, the word "retirement" is broader in meaning than the word "redemption." P. 311 U. S. 530.

3. The correction of inconsistencies and inequalities in the operation of a statute of the United States is for Congress, and not the courts. P. 311 U. S. 530.

110 F.2d 878 affirmed.

108 F.2d 642, reversed.

Certiorari, 310 U.S. 620, to review judgments which, in No. 55 affirmed, and in No. 58 reversed, orders of the Board of Tax Appeals sustaining the Commissioner's disallowance of deductions in income tax returns. See 40 B.T.A. 60.

Page 311 U. S. 528

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