In Welch v. Helvering, 290 U.S. 111, 54 S.Ct. 8, 78 L.Ed. 212 (1933), the taxpayer made payments to the creditors of a bankrupt corporation in an endeavor to strengthen his own standing and credit. Adopting a "cumulative construction of the remedies under the 1933 and 1934 Acts" In Perry, the plaintiff, the owner of a $10,000 Fourth Liberty Loan 4 1/4% Gold Bond which was payable in United States gold coin of "the present standard of value," presented it for payment with a demand for delivery of the quantity of gold represented by $10,000 in gold coin at the time the bond was issued, or in the alternative, for payment of $16,931.25 in legal tender currency.

 

In Welch v. Helvering, 290 U.S. 111, 54 S.Ct. 8, 78 L.Ed. 212 (1933), the taxpayer made payments to the creditors of a bankrupt corporation in an endeavor to strengthen his own standing and credit.

Adopting a "cumulative construction of the remedies under the 1933 and 1934 Acts"

In Perry, the plaintiff, the owner of a $10,000 Fourth Liberty Loan 4 1/4% Gold Bond which was payable in United States gold coin of "the present standard of value," presented it for payment with a demand for delivery of the quantity of gold represented by $10,000 in gold coin at the time the bond was issued, or in the alternative, for payment of $16,931.25 in legal tender currency.