Merchants' Loan & Trust Co. v. Smietanka
Supreme Court of the United States
ERROR TOJTHE DISTRICT COURT OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF ILLINOIS. The case is stated in the opinion. Assuming that the Income Tax Act of 1916, as amended by the Act of 1917, attempted to tax as income the increase in Value since March 1, -1913, or date of purchase subsequent to that time, of the stock and bonds in question upon the ascertainment of the increment of value by conversion or redemption, the act was in violation of the Constitution.
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ERROR TOJTHE DISTRICT COURT OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF ILLINOIS. The case is stated in the opinion. Assuming that the Income Tax Act of 1916, as amended by the Act of 1917, attempted to tax as income the increase in Value since March 1, -1913, or date of purchase subsequent to that time, of the stock and bonds in question upon the ascertainment of the increment of value by conversion or redemption, the act was in violation of the Constitution. In accordance with the statement of this court in Eisner v. Macomber, 252 U. S. 189, 206, it is now settled that the mere…
1Opinion of the CourtJustice Clarke
A writ of error brings this case here for review of a judgment of the District Court of the United States-for the Northern District of Illinois, sustaining a demurrer to a declaration in assumpsit to recover an assessment of taxes for the year 1917, made under warrant of the Income Tax Act of Congress, approved September 8,1916, c. 463, 39 Stat. 756, as amended by the Act approved October 3,1917, c. 63, 40 Stat. 300. Payment was made under protest and the claim to recover is based upon the contention that the fund taxed was not “income” within the scope of the Sixteenth Amendment to the…
2Cases cited9 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Towne v. EisnerSupreme Court of the United States · 1918
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- Stratton's Independence, Ltd. v. HowbertSupreme Court of the United States · 1913
4 more not listed; retrieve them via the Exa API.
3Cited by230 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Burnet v. HarmelSupreme Court of the United States · 1932
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- United States v. StewartSupreme Court of the United States · 1940
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
225 more not listed; retrieve them via the Exa API.