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Topic Summary

Posted by: Dale Eastman
« on: April 21, 2023, 10:03:19 AM »

𝓦𝓮 𝓶𝓾𝓼𝓽 𝓻𝓮𝓳𝓮𝓬𝓽 in this case, as we have rejected in cases arising under the Corporation Excise Tax Act of1909 (Doye v. Mitchell Brothers Co., ante, 179, and Hays v.Gauley Mountain Coal Co., ante, 189) the broad contention submitted in behalf of the Government 𝓽𝓱𝓪𝓽 𝓪𝓵𝓵 𝓻𝓮𝓬𝓮𝓲𝓹𝓽𝓼--𝓮𝓿𝓮𝓻𝔂𝓽𝓱𝓲𝓷𝓰 𝓽𝓱𝓪𝓽 𝓬𝓸𝓶𝓮𝓼 𝓲𝓷-𝓪𝓻𝓮 𝓲𝓷𝓬𝓸𝓶𝓮, 𝔀𝓲𝓽𝓱𝓲𝓷 𝓽𝓱𝓮 𝓹𝓻𝓸𝓹𝓮𝓻 𝓭𝓮𝓯𝓲𝓷𝓲𝓽𝓲𝓸𝓷 𝓸𝓯 𝓽𝓱𝓮 𝓽𝓮𝓻𝓶 "𝓰𝓻𝓸𝓼𝓼 𝓲𝓷𝓬𝓸𝓶𝓮," 𝓪𝓷𝓭 𝓽𝓱𝓪𝓽 𝓽𝓱𝓮 𝓮𝓷𝓽𝓲𝓻𝓮 𝓹𝓻𝓸𝓬𝓮𝓮𝓭𝓼 𝓸𝓯 𝓪 𝓬𝓸𝓷𝓿𝓮𝓻𝓼𝓲𝓸𝓷 𝓸𝓯 𝓬𝓪𝓹𝓲𝓽𝓪𝓵 𝓪𝓼𝓼𝓮𝓽𝓼, 𝓲𝓷 𝔀𝓱𝓪𝓽 𝓮𝓿𝓮𝓻 𝓯𝓸𝓻𝓶 𝓪𝓷𝓭 𝓾𝓷𝓭𝓮𝓻 𝔀𝓱𝓪𝓽𝓮𝓿𝓮𝓻 𝓬𝓲𝓻𝓬𝓾𝓶𝓼𝓽𝓪𝓷𝓬𝓮𝓼 𝓪𝓬𝓬𝓸𝓶𝓹𝓵𝓲𝓼𝓱𝓮𝓭, 𝓼𝓱𝓸𝓾𝓵𝓭 𝓫𝓮 𝓽𝓻𝓮𝓪𝓽𝓮𝓭 𝓪𝓼 𝓰𝓻𝓸𝓼𝓼 𝓲𝓷𝓬𝓸𝓶𝓮.
    Southern Pacific Co. v. Lowe, 247 U.S. 330 (1918)

𝓦𝓮 𝓶𝓾𝓼𝓽 𝓻𝓮𝓳𝓮𝓬𝓽 [...] 𝓽𝓱𝓪𝓽 𝓪𝓵𝓵 𝓻𝓮𝓬𝓮𝓲𝓹𝓽𝓼-- [...] -𝓪𝓻𝓮 𝓲𝓷𝓬𝓸𝓶𝓮,
Posted by: Dale Eastman
« on: April 21, 2023, 09:59:37 AM »

We must reject in this case, as we have rejected in cases arising under the Corporation Excise Tax Act of1909 (Doye v. Mitchell Brothers Co., ante, 179, and Hays v.Gauley Mountain Coal Co., ante, 189) the broad contention submitted in behalf of the Government that all receipts--everything that comes in-are income, within the proper definition of the term "gross income," and that the entire proceeds of a conversion of capital assets, in what ever form and under whatever circumstances accomplished, should be treated as gross income.
    Southern Pacific Co. v. Lowe, 247 U.S. 330 (1918)