1. Commissioner v. Jacobson, Nos. 32, 33, SUPREME COURT OF THE UNITED STATES, November 8, 1948, Argued , January 17, 1949, Decided
OVERVIEW: A lower court decision was reversed and respondent taxpayer was obligated to include in his gross income the difference between the face value of his personal indebtedness as the maker of bonds and the lesser amount paid by him for their purchase.
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