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G. & K. MFG. CO. v. HELVERING

No. 187.

296 U.S. 389 (1935)

56 S.Ct. 276

80 L.Ed. 291

G. & K. MANUFACTURING CO. v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided December 16, 1935.

Attorney(s) appearing for the Case

Mr. Llewellyn A. Luce for petitioner.

Mr. J. Louis Monarch, with whom Solicitor General Reed, Assistant Attorney General Wideman, and Messrs. James W. Morris and Sewall Key were on the brief, for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

The petitioner contests the validity of a deficiency assessment for 1929 income taxes. It maintains that the transaction out of which the alleged gains arose amounted to a reorganization within the intendment of § 112 (i) (1) (A), Revenue Act, 1928.†

The court below was of opinion that the transaction involved amounted to a sale of the assets and business of...

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