Dupont v. United States

Section 800, Schedule A (4) of the Revenue Act, 1926, 1 imposes a stamp tax upon “each sale, agreement of sale, or agreement to sell (not including so-called transferred or scratch sales) ... at, or under the rules or usages of, any exchange ... for future delivery.” Whether the tax is payable upon a broker’s transfer of a customer’s account in cotton futures to another broker through the cotton exchange is the matter in controversy. The Circuit Court of Appeals has held the transaction taxable. 2 A conflict of- decision moved us to grant certiorari. 3

Petitioners are members of a partnership…