Johnson v. Commissioner
United States Board of Tax Appeals
1. Section 202(a)(2) of the Revenue Act of 1921 is not unconstitutional. Taft v. Bowers,278 U.S. 470. 2. The term "capital assets" as defined in section 206(a)(6) of the Revenue Act of 1921 means property actually acquired and held by the taxpayer for profit or investment for more than two years.
1Opinion of the Court
WILLIAM KEMPTON JOHNSON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Johnson v. Commissioner
Docket Nos. 25794, 34763.
United States Board of Tax Appeals
17 B.T.A. 611; 1929 BTA LEXIS 2273;
September 27, 1929, Promulgated
1. Section 202(a)(2) of the Revenue Act of 1921 is not unconstitutional. Taft v. Bowers,278 U.S. 470.
2. The term "capital assets" as defined in section 206(a)(6) of the Revenue Act of 1921 means property actually acquired and held by the taxpayer for profit or investment for more than two years.
Eugene L. Garey, Esq., for the petitioner.
Brooks Fullerton, Esq., and…
2Cases cited2 opinions
- Taft v. BowersSupreme Court of the United States · 1929
- Johnson v. CommissionerUnited States Board of Tax Appeals · 1929