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FAIRBANKS V. UNITED STATES, 306 U. S. 436 (1939)

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U.S. Supreme Court

Fairbanks v. United States, 306 U.S. 436 (1939)

Fairbanks v. United States

No. 65

Argued February 28, 1939

Decided March 27, 1939

306 U.S. 436

Syllabus

1. The redemption before maturity of corporate bond is not a "sale or exchange" of capital assets within the meaning of § 208(a)(1), Rev.Act 1926, and § 101(c)(1), Rev.Act 1928, and the gain so realized by the bondholder is not a "capital gain," to be taxed at the 12 1/2% rate, but is taxable at the normal and surtax rates. P. 306 U. S. 437.

2. In providing expressly that amounts received by the holder upon the retirement of corporate bonds shall be considered as amounts received in exchange therefor, the Rev.Act of 1934 did not interpret, but changed, the prior law. P. 306 U. S. 438.

95 F.2d 794 affirmed.

Certiorari, 305 U.S. 667, to review the affirmance of a judgment for the United States in an action in the District Court brought under § 610 of the Rev. Act 1928 to recover money erroneously refunded to a taxpayer.





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