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Higgins v. Smith, 308 U.S. 473 (1940)
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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.
Higgins v. Smith, 308 U.S. 473 (1940)
Higgins v. Smith No. 146 Argued December 5, 1939 Decided January 8, 1940 308 U.S. 473
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Under § 23(e) of the Revenue Act of 1932, authorizing in the computation of income tax deductions for losses sustained during the taxable year, no deductible loss occurs upon a sale by the taxpayer to a corporation wholly owned by him. P. 476.
2. The contention that this conclusion is inconsistent with prior interpretations of the income tax laws and unfair to the taxpayer examined and rejected. P. 478.
3. From the fact that § 24(a)(6) of the Revenue Act of 1934 provides explicitly that losses determined by sales to corporations controlled by the taxpayer are not deductible, it does not follow that the law formerly was otherwise. P. 479.
4. Claims of error prejudicial to the taxpayer, arising out of the District Court’s rulings on evidence in this case, held without merit. P. 480.
102 F.2d 456 reversed.
Certiorari, post, p. 536, to review the reversal, on cross-appeals, of a judgment in a suit brought by a taxpayer for refund of a sum paid as income taxes.
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Chicago: U.S. Supreme Court, "Syllabus," Higgins v. Smith, 308 U.S. 473 (1940) in 308 U.S. 473 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.
MLA: U.S. Supreme Court. "Syllabus." Higgins v. Smith, 308 U.S. 473 (1940), in 308 U.S. 473, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.
Harvard: U.S. Supreme Court, 'Syllabus' in Higgins v. Smith, 308 U.S. 473 (1940). cited in 1940, 308 U.S. 473. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.
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