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United States v. Kirby Lumber Co.
United States Supreme Court
284 U.S. 1 (1931)
In July 1923, Kirby Lumber Company (Kirby Lumber) (plaintiff) issued bonds in the amount of $12,126,800. Later that year, Kirby Lumber bought some of its bonds back for less than their original value. Ultimately, Kirby Lumber saved $137,521.30. The lower court found this amount to be taxable income.
Rule of Law
Holding and Reasoning (Holmes, J.)
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