Central R. Co. v. Commissioner
United States Board of Tax Appeals
Held that on the receipt in 1928 of certain property in settlement of pending litigation petitioner received income.
1Opinion of the Court
*19OPINION.
Van Fossan:
The question for consideration is whether or not the value of the property received by the petitioner in settlement of its equity suit against Joyce and the Victory Steamship Co. constitutes taxable income for the year 1928.
The petitioner contends that whatever of value was received by it in settlement of the equity suit was not taxable income within *20the intent of the Sixteenth Amendment. In support of this contention the petitioner cites the definition of income adopted by the Supreme Court in Eisner v. Macomber, 252 U.S. 189, and argues that what it received in settlement…
2Cases cited24 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Burnet v. LoganSupreme Court of the United States · 1931
- Magruder v. DrurySupreme Court of the United States · 1914
19 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Central R. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Davis v. CommissionerUnited States Board of Tax Appeals · 1937