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First National Banks of Chicago v. United States, 283 U.S. 142 (1931)
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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.
First National Banks of Chicago v. United States, 283 U.S. 142 (1931)
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First National Banks of Chicago v. United States No. 124 Argued March 4, 1931 Decided April 13, 1931 283 U.S. 142
CERTIORARI TO THE COURT OF CLAIMS
Syllabus
1. The Federal Farm Loan Act (§§ 16 and 13), in empowering joint stock land banks to invest their funds in the "purchase" of qualified first mortgages on farm lands, means that they may lend on such security. The loans so made are "securities issued under the provisions of" that Act, within the meaning of § 213, Title II, of the Revenue Act of 1921, and the interest upon them is exempt from taxation under that Title. P. 145.
2. A national bank, in making a consolidated income and profits tax return for the year 1922, sought to deduct from gross income the interest paid on bonds of its affiliated joint stock land banks the principal of which was lent by the land banks on farm mortgages pursuant to the Farm Loan Act. Held that the deduction was properly disallowed, since the mortgages are "obligations or securities . . . the interest upon which is wholly exempt from taxation under this title" within the meaning of § 234, Title II, of the Revenue Act of 1921, and, by that section, interest on indebtedness incurred or continued to purchase or carry tax-exempt obligations or securities is not deductible from gross income. Pp. 143, 147.
69 Ct.Cls. 312, 38 F.2d 925, affirmed.
Certiorari, 281 U.S. 719, to review a judgment of the Court of Claims disallowing a deduction in an income and profits tax return.
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Chicago: U.S. Supreme Court, "Syllabus," First National Banks of Chicago v. United States, 283 U.S. 142 (1931) in 283 U.S. 142 283 U.S. 143. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=6AM2RRSU9KA7CSI.
MLA: U.S. Supreme Court. "Syllabus." First National Banks of Chicago v. United States, 283 U.S. 142 (1931), in 283 U.S. 142, page 283 U.S. 143. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=6AM2RRSU9KA7CSI.
Harvard: U.S. Supreme Court, 'Syllabus' in First National Banks of Chicago v. United States, 283 U.S. 142 (1931). cited in 1931, 283 U.S. 142, pp.283 U.S. 143. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=6AM2RRSU9KA7CSI.
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