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Founders General Corp. v. Hoey, 300 U.S. 268 (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.
Founders General Corp. v. Hoey, 300 U.S. 268 (1937)
Founders General Corp. v. Hoey No. 398 Argued January 8, 11, 1937 Decided March 1, 1937 * 300 U.S. 268
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Where the certificates for corporate shares subscribed for by A are, by his direction and for his own convenience, issued to B, his nominee and agent for this purpose, there is a transfer from A to B of the "right to receive" the certificates which is taxable under § 800, Schedule A-3, of the Revenue Act of 1926, although the arrangements between A and B were such that, as against A, B could not have compelled issuance of the certificates to himself and acquires no.beneficial interest in the securities, and has no part in the management or disposal of them. P. 273.
2. A new corporation took over the assets of an old one and agreed to issue its shares to the old stockholders, but, in pursuance of an irrevocable agreement and power of attorney previously executed by the stockholders, portions of their new allotments, pro rata, were issued directly to their attorney for purposes of sale. Held that there was a taxable transfer, from stockholders to attorney, of the "right to receive" shares, under § 800, Schedule A-3 of the Revenue Act of 1926. Raybestos-Manhattan, Inc. v. United States, 296 U.S. 60. P. 274.
3. A taxpayer whose transaction is within a taxing statute cannot be relieved upon the ground that, by adopting another form of dealing, he could have achieved his ultimate purpose and avoided the statute. P. 275.
84 F.2d 976 affirmed.
84 F.2d 908 reversed.
83 Ct.Cls. 593, 15 F.Supp. 70, reversed.
Certiorari, 299 U.S. 534, 531, to review judgments in suits for the recovery of moneys alleged to have been wrongfully exacted as taxes on stock transfers, and as interest and penalties. In No. 398, the judgment of the District Court (12 F.Supp. 290) dismissing the complaint was affirmed by the court below. In No. 331, a recovery in the District Court was affirmed by the court below. In No. 330, there was a judgment for the taxpayer in the Court of Claims.
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Chicago: U.S. Supreme Court, "Syllabus," Founders General Corp. v. Hoey, 300 U.S. 268 (1937) in 300 U.S. 268 300 U.S. 269. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=8RCYQBBYELAGI76.
MLA: U.S. Supreme Court. "Syllabus." Founders General Corp. v. Hoey, 300 U.S. 268 (1937), in 300 U.S. 268, page 300 U.S. 269. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=8RCYQBBYELAGI76.
Harvard: U.S. Supreme Court, 'Syllabus' in Founders General Corp. v. Hoey, 300 U.S. 268 (1937). cited in 1937, 300 U.S. 268, pp.300 U.S. 269. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=8RCYQBBYELAGI76.
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