W.L. Hardee and Elnora L. Hardee v. The United States

I respectfully dissent.

The majority today holds what no court before it has ever held, that “the definition of taxable income was never intended to encompass the free, temporary use of corporate money by a majority shareholder-officer.” It is not exactly clear how the majority arrives at its conclusion. It appears to be on the basis of some sort of mix of concepts of stare decisis, application of lach-es against the Government, concerns over double taxation where there is none, and misinterpretation of prior case law. The majority fails to recognize that the issue before us is one of first…