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HELVERING v. REYNOLDS CO.

No. 328.

306 U.S. 110 (1939)

59 S.Ct. 423

83 L.Ed. 536

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. R.J. REYNOLDS TOBACCO CO.

Supreme Court of United States.

Decided January 30, 1939.

Attorney(s) appearing for the Case

Mr. Paul A. Freund, with whom Solicitor General Jackson, Assistant Attorney General Morris, and Messrs. J. Louis Monarch and Morton K. Rothschild were on the brief, for petitioner.

Mr. J.G. Korner, Jr. for respondent.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

The sole question for decision is whether gain accruing to a corporation consequent on the purchase and resale of its own shares constitutes gross income within the meaning of § 22 (a) of the Revenue Act of 1928.1

The respondent, a New Jersey corporation, on occasion between 1921 and 1929, purchased its own Class B common stock...

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