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United States v. Kirby Lumber Co.
''United States v. Kirby Lumber Co.'', 284 U.S. 1 (1931), was a case in which the United States Supreme Court held that when a corporation settles its debts for less than the face amount, a taxable gain has occurred.
==Facts & procedural history==
In 1923, the Kirby Lumber Company issued bonds which had a par value of $12,126,800. Later that same year, the company repurchased the same bonds in the open market for a sum less than par value. The difference between the issue price of the bonds and the price at which the company repurchased them was $137,521.30. The regulations promulgated by the United States Department of the Treasury stated that such a cost savings to a corporation was to be considered taxable income. The Court of Claims, however, found in favor of the taxpayer, analogizing the situation in this case to the one in ''Bowers v. Kerbaugh-Empire Co.'', 271 U.S. 170 (1925), a case in which a loan repaid in devalued German marks was not considered to be a taxable gain for the taxpaying company.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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