U.S. Supreme Court CARRIER v. BRYANT, 306 U.S. 545 (1939)

[Page 306 U.S. 545, 550]

any property purchased in part or wholly out of such payments.' This more detailed provision was substituted for that of the earlier Act and was expressly made applicable to payments theretofore made. We think it clear that the provision of the later Act was intended to clarify the former rather than to change its import and it was with that purpose that it was made retroactive. ... The provision of the Act of 1935 that the exemption should not apply to property purchased out of the moneys received from the Government shows the intent to deny exemption to investments, as was ruled in the Trotter case.'

The questioned judgment must be affirmed.