BONDY, District Judge.
This action was brought to recover an income tax alleged to have been erroneously paid. The facts have been stipulated.
During 1920 the plaintiff received from S. W. Strauss & Co., $4,400,000 in exchange for which it on July 15, 1920, delivered to that company its 15-year 6 per cent. secured bonds amounting to $5,500,000. The difference of $1,100,000 between the amount of the bonds and the amount received represented $605,000 to...
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