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Dupont v. United States, 300 U.S. 150 (1937)
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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.
Dupont v. United States, 300 U.S. 150 (1937)
Dupont v. United States No. 332 Argued January 11, 1937 Decided February 1, 1937 300 U.S. 150
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. A broker trading on the New York Cotton Exchange was instructed by a customer, for whose account cotton for future delivery was being held, to transfer the account to other brokers. The instructions were given at the request of the broker, who wished to be relieved of the account, and no commission was charged on the transaction. The transfer was effected, according to the custom on the exchange in respect of all transfers from one member to another, by the broker’s delivering a "sold" memorandum to the transferees, and receiving a "bought" memorandum in return.
Held:
(1) The stamp tax imposed by § 800, Schedule A(4) of the Revenue Act of 1926 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 . . .
was applicable. P. 153.
(2) The transaction was not a "transferred" or "scratch" sale within the meaning of the prescribed exemption. P. 152.
(3) Under the rules and practice of the Cotton Exchange, the transaction was an actual sale. P. 153.
2. The tax imposed by § 800, Schedule A(4) of the Revenue Act of 1926 is not a tax upon the business transacted, but is an excise upon the privilege, opportunity, or facility offered at exchanges for the transaction of the business. P. 153.
83 F.2d 951 affirmed.
Certiorari, 299 U.S. 531, to review a judgment affirming a judgment dismissing the complaint in a suit to recover taxes paid.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Dupont v. United States, 300 U.S. 150 (1937) in 300 U.S. 150 300 U.S. 151. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=81U8DWK1L9BU4P5.
MLA: U.S. Supreme Court. "Syllabus." Dupont v. United States, 300 U.S. 150 (1937), in 300 U.S. 150, page 300 U.S. 151. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=81U8DWK1L9BU4P5.
Harvard: U.S. Supreme Court, 'Syllabus' in Dupont v. United States, 300 U.S. 150 (1937). cited in 1937, 300 U.S. 150, pp.300 U.S. 151. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=81U8DWK1L9BU4P5.
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