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FAIRBANKS v. UNITED STATES

No. 65.

306 U.S. 436 (1939)

59 S.Ct. 607

83 L.Ed. 855

FAIRBANKS v. UNITED STATES.

Supreme Court of United States.

Decided March 27, 1939.

Attorney(s) appearing for the Case

Mr. William Stanley argued the cause, and Mr. Arthur F. Driscoll was on a brief, for petitioner.

Mr. Andrew D. Sharpe, with whom Solicitor General Jackson, Assistant Attorney General Morris, and Messrs. Sewall Key and Maurice J. Mahoney were on the brief, for the United States.

By leave of Court, Messrs. Carroll N. Perkins and Leonard A. Pierce filed a brief on behalf of Frances M. Averill, as amica curiae, in support of petitioner.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Both courts below ruled that gain derived by the petitioner from redemption of bonds during 1927, 1928 and 1929 was not "capital gain" within the meaning of the controlling statutes.

No contest now exists concerning the facts. The narrow point as counsel agree is this — Must the redemption of bonds before maturity by the issuing corporation be treated...

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