United States v. Harrison

I concur but not without some misgivings. I would emphasize that we are not here dealing with the status of proceeds received upon an ordinary commercial market sale of such bonds subsequent to the time of original issuance. From the interplay of economic laws which may even defy judge-made laws, the price will fluctuate, up and down, above or below the nominal par (face) value depending on the supply of money, the demand for it, and other economic factors. See The Hanover Bank, Executor v. Commissioner, 1962, 82 S.Ct. 1080.

This pinpoints the difficulty with any broad statements such as the…