Bailey v. Railroad Co.
Supreme Court of the United States
Error to the Circuit Court for the Northern District of New York; the case being thus: The 22d section of the Internal Revenue Act of June 30th, 1864,* enacts: “That any railroad company that may have declared any dividend in scrip or money, due or payable to its stockholders, as part of the earnings, profits, income, or gains of such company carried to the account of any fund or used for construction, shall be subject to and pay a tax of 5 per centum on the amount of all…
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Error to the Circuit Court for the Northern District of New York; the case being thus: The 22d section of the Internal Revenue Act of June 30th, 1864,* enacts: “That any railroad company that may have declared any dividend in scrip or money, due or payable to its stockholders, as part of the earnings, profits, income, or gains of such company carried to the account of any fund or used for construction, shall be subject to and pay a tax of 5 per centum on the amount of all such dividends or profits, whenever and wherever the same shall be payable; and said companies are hereby authorized to…
1Opinion of the Court
Mr. Justice CLIFFORD,
having stated the. ease, delivered the opinion of the court.
Authority to tax the plaintiffs in this case, if it existed at all, was derived from that clause of the Internal Revenue Act which provides to the effect that dividends declared by a railroad company, in scrip or money, due and payable tc their stockholders, as part of the earnings, profits, income, or gains of such company, and all profits of such company carried to the account of any fund or used for construction, are proper subjects of taxation, and that the company declaring such dividends in scrip or money…
2Cases cited2 opinions
- Nelson J. Elliott v. Samuel SwartwoutSupreme Court of the United States · 1836
- Curtis's Administratrix v. FiedlerSupreme Court of the United States · 1863
3Cited by39 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Gibbons v. MahonSupreme Court of the United States · 1890
- Lynch v. TurrishSupreme Court of the United States · 1918
- Douglas v. EdwardsCourt of Appeals for the Second Circuit · 1924
- New York Life Ins. v. AndersonCourt of Appeals for the Second Circuit · 1920
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