Commissioner of Internal Revenue v. Tyng

AUGUSTUS N. HAND, Circuit Judge.. Both the Commissioner of Internal Revenue and the taxpayers Tyng and Buchsbaum appeal from orders of the Board of Tax Appeals redetermining the income of the taxpayers for 1929.

Two questions are involved in the appeals. The first is whether the transaction about to be described was a “reorganization” within Section' 112 (i) (1) of the Revenue Act of 1928, 26 U.S.C.A. § 112 note. If it was such a “reorganization” (and that it was one the Board found), then by virtue of Section 112 (b) (3) and (c) (1), 26 U.S.C.A. § 112(b) (3), and (c) (1), no gain should be…