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HELVERING v. AMER. CHICLE CO.

No. 349.

291 U.S. 426 (1934)

54 S.Ct. 460

78 L.Ed. 891

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. AMERICAN CHICLE CO.

Supreme Court of United States.

Decided March 5, 1934.

Attorney(s) appearing for the Case

Mr. Erwin N. Griswold, with whom Solicitor General Biggs and Messrs. Sewall Key and Norman D. Keller were on the brief, for petitioner.

Mr. William C. Breed, with whom Mr. Paul L. Peyton was on the brief, for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Assessments by petitioner which treated as realized income the difference between the face value of certain bonds assumed by respondent in 1914 and the amount at which it purchased them in 1922, 1924 and 1925, were disapproved by the Board of Tax Appeals. The court below affirmed this action, and the matter is here by certiorari. The meager stipulated facts present only a narrow point; and to that our decision...

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