Towne v. Eisner
Supreme Court of the United States
ERROR TO THE DISTRICT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK. The case is stated in the opinion. The constitutionality of § II of the Act of 1913, construed to he applicable to the plaintiff’s stock, is drawn in question. Before the Sixteenth Amendment there were two kinds of income, subject to different constitutional rules as to taxation, viz: (1) Gains and profits from “business, privileges, employments and vocations.”
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ERROR TO THE DISTRICT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK. The case is stated in the opinion. The constitutionality of § II of the Act of 1913, construed to he applicable to the plaintiff’s stock, is drawn in question. Before the Sixteenth Amendment there were two kinds of income, subject to different constitutional rules as to taxation, viz: (1) Gains and profits from “business, privileges, employments and vocations.” These were subject to excise taxes. (2) Income from real or per-, sonal property, as such.. Taxes on real or personal property, and on the income…
1Opinion of the CourtJustice Holmes
This is a suit to recover the amount of a tax paid under duress in respect of a stock dividend alleged by the Government to be income. A demurrer to the declaration was sustained by the District Court and judgment was entered for the defendant. 242 Fed. Rep. 702. The facts alleged are that the corporation voted on December 17, 1913, to transfer $1,500,000 surplus, being profits earned before January 1, 1913, to its capital account, and to issue fifteen .thousand shares of stock representing the same to its stockholders of record on December 26; that the distribution took place on January 2,…
2Cases cited5 opinions
- Billings v. United StatesSupreme Court of the United States · 1914
- Gibbons v. MahonSupreme Court of the United States · 1890
- Lamar v. United StatesSupreme Court of the United States · 1916
- B. Altman & Co. v. United StatesSupreme Court of the United States · 1912
- Logan County v. United StatesSupreme Court of the United States · 1898
3Cited by569 opinions
- Regents of the University of California v. BakkeSupreme Court of the United States · 1978
- Skelly Oil Co. v. Phillips Petroleum Co.Supreme Court of the United States · 1950
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Eisner, Internal Revenue Collector v. MacOmberSupreme Court of the United States · 1919
- Berg v. HudesmanWashington Supreme Court · 1990
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