De Stuers v. Commissioner
United States Board of Tax Appeals
Second Liberty loan bonds were purchased on the open market at less than par for a nonresident alien individual not engaged in business in the United States.
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Second Liberty loan bonds were purchased on the open market at less than par for a nonresident alien individual not engaged in business in the United States. The profit realized when these bonds were redeemed at par is not exempt from income tax by reason of the provisions of section 4 of the Act approved March 3, 1919, 40 Stat., part 1, p. 1311, but was properly held to be net income from sources within the United States under the provisions of section 217 of the Revenue Act of 1926.
1Opinion of the Court
*203OPINION.
Murdock:
The provision of the Act of March 3, 1919, 40 Stat., part 1, p. 1311, under which the petitioner claims exemption from tax is as follows:
*204Sec. 4. That section 3 of the Fourth Liberty Bond Act is hereby amended to read as follows:
Sec. 3. That, notwithstanding the provisions of the Second Liberty Bond Act or of the War Finance Corporation Act or of any other Act, bonds, notes, and certificates of indebtedness of the United States and bonds of the War Finance Corporation shall, while beneficially owned by a nonresident alien individual, or a foreign corporation, partnership, or…
2Cases cited6 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Bank of Commerce v. Tennessee Ex Rel. MemphisSupreme Court of the United States · 1896
- DeGanay v. LedererSupreme Court of the United States · 1919
- Bank v. TennesseeSupreme Court of the United States · 1882
- Hoge v. Railroad Co.Supreme Court of the United States · 1879
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Bank of America v. United StatesUnited States Court of Claims · 1982
- Howkins v. CommissionerUnited States Tax Court · 1968
- Helvering v. Suffolk Co.Court of Appeals for the Fourth Circuit · 1939
- Central Hanover Bank & Trust Co. v. United StatesUnited States Court of Claims · 1936
- Agricultural Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
5 more not listed; retrieve them via the Exa API.