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HELVERING v. WEAVER CO.

No. 304.

305 U.S. 293 (1938)

59 S.Ct. 185

83 L.Ed. 180

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. CHESTER N. WEAVER CO.

Supreme Court of United States.

Decided December 5, 1938.

Attorney(s) appearing for the Case

Mr. Edward J. Ennis, with whom Solicitor General Jackson, Assistant Attorney General Morris, and Messrs. J. Louis Monarch and A.F. Prescott were on the brief, for petitioner.

Mr. Adolphus E. Graupner, with whom Mr. Arthur E. Cooley was on the brief, for respondent.

MR. JUSTICE STONE delivered the opinion of the Court.

The question to be decided is whether payments received by a corporation as a stockholder in another corporation, upon the latter's complete liquidation, are to be treated as payments upon a sale or exchange of the stock under § 23 (r) (1) of the Revenue Act of 1932, 47 Stat. 169, which allows the deduction of losses from sales or exchanges of stock, not held for more than two years, only to the extent of...

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