Cullinan v. Walker, Collector of Internal Revenue

Mr. Justice Brandéis

delivered the opinion of the Court.

A tax of $156,212.66 was laid upon Cullinan, under the Act of September 8, 1916, c. 463, Title I, §§ 1 and 2, 39 Stat. 756, 757, for additional gain or income of that year, assessed at $1,571,760. He paid the tax, under protest; and brought, in the federal court for southern Texas, this action against the local collector of internal revenue to recover the amount. The question was whether certain securities received by Cullman. in that year should be deemed gain or income. The case was tried by the court without a jury, upon agreed facts;…