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COMMISSIONER v. NAT. ALFALFA DEHYDRATING & MILLING CO.

No. 73-9.

417 U.S. 134 (1974)

94 S.Ct. 2129

40 L.Ed.2d 717

COMMISSIONER OF INTERNAL REVENUE v. NATIONAL ALFALFA DEHYDRATING & MILLING CO.

Supreme Court of United States.

Decided May 28, 1974.

Attorney(s) appearing for the Case

Stuart A. Smith argued the cause for petitioner. With him on the brief were Solicitor General Bork, Assistant Attorney General Crampton, Meyer Rothwacks, and Ernest J. Brown.

Charles White Hess argued the cause for respondent. With him on the brief was Ronald B. Stang.*

MR. JUSTICE BLACKMUN delivered the opinion of the Court.

A corporate taxpayer in 1957 issued $50 face value 5% sinking fund debentures in exchange for its outstanding $50 par 5% cumulative preferred shares. At the time, the preferred apparently had a fair market value of less than $50 per share. This case presents the question whether, under § 163 (a) of the Internal Revenue Code of 1954, 26 U. S. C. § 163 (a),...

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