U.S. V. KIRBY LUMBER CO.
284 U.S. 1 (1931)
NATURE OF THE CASE: This was a dispute over retirement of corporate bond debt.
FACTS: Kirby Lumber Company issued its own bonds for $12,126,800 for which it got par
value. Later in the same year it purchased some of its own bonds at less than par and
realized a gain of $137,521.30 from the transactions. The IRS taxed the amount of the gain.
Kirby paid the tax and then sued for a refund.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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