Commissioner v. Jacobson
Supreme Court of the United States
1Opinion of the CourtJustice Burton
Court.
This decision applies the federal income tax to gains derived by a debtor from his purchase of his own obligations at a discount and his consequent control over their discharge. It presents the specific question whether a solvent natural person, in straitened financial circumstances, must include in his gross income for federal income tax purposes the difference between (1) the face amount of his personal indebtedness as the maker of secured bonds, originally issued by him at face value for cash, and (2) a lesser amount paid by him for their purchase. The debtor’s obligations were not…
Also in this document: Dissent.
2Cases cited11 opinions
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Bogardus v. CommissionerSupreme Court of the United States · 1937
6 more not listed; retrieve them via the Exa API.
3Cited by330 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- James v. United StatesSupreme Court of the United States · 1961
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Commissioner v. SchleierSupreme Court of the United States · 1995
- Commissioner v. TuftsSupreme Court of the United States · 1983
325 more not listed; retrieve them via the Exa API.