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Fairbanks v. United States, 306 U.S. 436 (1939)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Fairbanks v. United States, 306 U.S. 436 (1939)
Fairbanks v. United States No. 65 Argued February 28, 1939 Decided March 27, 1939 306 U.S. 436
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE NINTH CIRCUIT
Syllabus
1. The redemption before maturity of corporate bond is not a "sale or exchange" of capital assets within the meaning of § 208(a)(1), Rev.Act 1926, and § 101(c)(1), Rev.Act 1928, and the gain so realized by the bondholder is not a "capital gain," to be taxed at the 12 1/2% rate, but is taxable at the normal and surtax rates. P. 437.
2. In providing expressly that amounts received by the holder upon the retirement of corporate bonds shall be considered as amounts received in exchange therefor, the Rev.Act of 1934 did not interpret, but changed, the prior law. P. 438.
95 F.2d 794 affirmed.
Certiorari, 305 U.S. 667, to review the affirmance of a judgment for the United States in an action in the District Court brought under § 610 of the Rev. Act 1928 to recover money erroneously refunded to a taxpayer.
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Chicago: U.S. Supreme Court, "Syllabus," Fairbanks v. United States, 306 U.S. 436 (1939) in 306 U.S. 436 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=2RGHED6SIXP2U2L.
MLA: U.S. Supreme Court. "Syllabus." Fairbanks v. United States, 306 U.S. 436 (1939), in 306 U.S. 436, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=2RGHED6SIXP2U2L.
Harvard: U.S. Supreme Court, 'Syllabus' in Fairbanks v. United States, 306 U.S. 436 (1939). cited in 1939, 306 U.S. 436. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=2RGHED6SIXP2U2L.
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