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Braunstein v. Commissioner, 374 U.S. 65 (1963)
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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.
Braunstein v. Commissioner, 374 U.S. 65 (1963)
Braunstein v. Commissioner No. 476 Argued April 29, 1963 Decided June 10, 1963 374 U.S. 65
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
In 1948, three taxpayers received a commitment from the Federal Housing Administration to insure loans for the construction of a multiple-dwelling apartment project. Two corporations were formed to carry out the project, and each of the three taxpayers was issued one-third of the stock in each corporation. After the costs of the construction had been paid, each of the corporations had an unused amount of mortgage loan funds remaining, and, in 1950, the taxpayers sold their stock at a profit, receiving as part of the sale transaction distributions from the corporations which included the unused funds.
Held: Under § 117(m) of the Internal Revenue Code of 1939, the resulting gains to the taxpayers must be treated as ordinary income, instead of long-term capital gains, since the corporations were "collapsible" within the meaning of that section. Pp. 65-73.
305 F.2d 949, affirmed.
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Chicago: U.S. Supreme Court, "Syllabus," Braunstein v. Commissioner, 374 U.S. 65 (1963) in 374 U.S. 65 Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.
MLA: U.S. Supreme Court. "Syllabus." Braunstein v. Commissioner, 374 U.S. 65 (1963), in 374 U.S. 65, Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.
Harvard: U.S. Supreme Court, 'Syllabus' in Braunstein v. Commissioner, 374 U.S. 65 (1963). cited in 1963, 374 U.S. 65. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.
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