Johnson v. Commissioner
United States Board of Tax Appeals
1. Section 202(a)(2) of the Revenue Act of 1921 is not unconstitutional. Taft v. Bowers,278 U.S. 470. 2. The term "capital assets" as defined in section 206(a)(6) of the Revenue Act of 1921 means property actually acquired and held by the taxpayer for profit or investment for more than two years.
1Opinion of the Court
*612OPINION.
Smith:
Section 202 of the Revenue Act of 1921, as far as is material to the disposition of these proceedings, provides as follows:(a) That the basis for ascertaining the gain derived or loss sustained from a sale or other disposition of property, real, personal, or mixed, acquired after February 28, 1913, shall be the cost of such property; except that—
*******(2) In (he case of such property, acquired by sift after December 31, 1920, the basis shall be the same as that which it would have in the hands of the *613donor or the last preceding owner by whom it was not acquired by gift. If the…
2Cases cited5 opinions
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Blodgett v. HoldenSupreme Court of the United States · 1927
- Untermyer v. AndersonSupreme Court of the United States · 1928
- Lynch v. HornbySupreme Court of the United States · 1918
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by7 opinions
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Old Colony Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Bullock v. CommissionerUnited States Board of Tax Appeals · 1931
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Johnson v. CommissionerUnited States Board of Tax Appeals · 1929
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