Legal Opinion
General American Investors Co. v. Commissioner
Supreme Court of the United States
Decided March 28, 1955No. 114PublishedCited by 110 opinions
1Opinion of the CourtChief Justice Warren
The sole question presented by this case is whether a payment is taxable as gross income when received by a corporation pursuant to the “insider profits” provisions of the Securities Exchange Act of 1934 1 and the Investment Company Act of 1940. 2 Subject to exceptions not presently relevant, § 16 (b) of the Securities Exchange Act provides that the profit realized from certain defined securities transactions undertaken by a director or major stockholder of the issuing corporation “shall inure to and be recoverable by the issuer.” 3 This provision is made applicable to investment companies by…
2Cases cited5 opinions
- Texas & Pacific Ry. Co. v. United StatesSupreme Court of the United States · 1932
- Commissioner of Internal Revenue v. Glenshaw Glass Co. Commissioner of Internal Revenue v. William Goldman Theatres, IncCourt of Appeals for the Third Circuit · 1954
- General American Investors Co. v. CommissionerUnited States Tax Court · 1952
- Park & Tilford Distillers Corp. v. United StatesUnited States Court of Claims · 1952
- General American Investors Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
3Cited by110 opinions
- United States v. Mario Biaggi and Meade EspositoCourt of Appeals for the Second Circuit · 1988
- Com. v. Spence, O.Superior Court of Pennsylvania · 2023
- Dyas v. Superior CourtCalifornia Supreme Court · 1974
- Teleservice Company of Wyoming Valley v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Commonwealth v. WEEDENSupreme Court of Pennsylvania · 1974
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