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Burnet v. Commissioner, 283 U.S. 404 (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.
Burnet v. Commissioner, 283 U.S. 404 (1931)
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Burnet v. Commissioner Nos. 521 and 522 Argued April 29, 1931 Decided May 18, 1931 283 U.S. 404
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Prior to March, 1913, the taxpayer held shares in one of several steel companies, owners of the stock of a company engaged in mining ore under a long-term lease. The lease did not require production of maximum or minimum tonnage or any definite payments. By agreement among themselves, the steel companies were entitled to share the ore extracted according to their stockholdings in the mining company. In 1916, the taxpayer and her co-shareholders sold their shares to another steel company, which thus became entitled to participate in the ores thereafter taken from the leased mine. The consideration for the sale was part cash and in part the purchaser’s agreement to pay annually thereafter for distribution among the selling stockholders 60 cents for each ton of ore apportioned to it. Held, that until the receipts by the taxpayer under this contract shall have equalled the value of her shares in March, 1913, they are return of capital, and are not taxable in part as income. P. 412.
2. Another of the vendor stockholders died in 1917, bequeathing her interest in the payments to be made by the purchaser. Held that, prior to return of the amount at which the bequest was valued for federal estate tax purposes, the payments received by the legatee are not income. P. 413.
42 F.2d 193, id. 197, affirmed.
Certiorari, 282 U.S. 833, to review judgments reversing orders of the Board of Tax Appeals determining income tax deficiencies. 12 B.T.A. 586.
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Chicago: U.S. Supreme Court, "Syllabus," Burnet v. Commissioner, 283 U.S. 404 (1931) in 283 U.S. 404 283 U.S. 409. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=86FKSSDK95NHZ1W.
MLA: U.S. Supreme Court. "Syllabus." Burnet v. Commissioner, 283 U.S. 404 (1931), in 283 U.S. 404, page 283 U.S. 409. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=86FKSSDK95NHZ1W.
Harvard: U.S. Supreme Court, 'Syllabus' in Burnet v. Commissioner, 283 U.S. 404 (1931). cited in 1931, 283 U.S. 404, pp.283 U.S. 409. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=86FKSSDK95NHZ1W.
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