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Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938)
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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.
Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938)
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Helvering v. Chester N. Weaver Co. No. 304 Argued November 17, 1938 Decided December 5, 1938 305 U.S. 293
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE NINTH CIRCUIT
Syllabus
Payments received by a corporation as a stockholder in another corporation, upon the latter’s complete liquidation, are to be treated as payments upon a sale or exchange of the stock under § 23 (r)(1) of the Revenue Act of 1932, which allows the deduction of losses from sales or exchanges of stock, not held for more than two years, only to the extent of the gains from such sales or exchanges. P. 295.
Section 23(f) provides that losses sustained by corporations during the taxable year shall be allowed as deductions in computing net income, subject to the limitations provided in subsection (r); subsection (r)(1) declares that losses from "sales or exchanges" of stock which are not "capital assets" (as defined in § 101, i.e., property held by the taxpayer for more than two years) shall be allowed only to the extent of the gains from such sales or exchanges. Sections 115 and 112 accord to losses on liquidation the same recognition accorded by § 23(r) to losses upon sales. Cf. White v. United States, ante, p. 281. P. 295.
97 F.2d 31 reversed.
Certiorari, post, p. 585, to review a judgment reversing an order of the Board of Tax Appeals, 35 B.T.A. 514, sustaining an additional income tax.
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Chicago: U.S. Supreme Court, "Syllabus," Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938) in 305 U.S. 293 305 U.S. 294. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=EU1NKI1XIGLIKVK.
MLA: U.S. Supreme Court. "Syllabus." Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938), in 305 U.S. 293, page 305 U.S. 294. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=EU1NKI1XIGLIKVK.
Harvard: U.S. Supreme Court, 'Syllabus' in Helvering v. Chester N. Weaver Co., 305 U.S. 293 (1938). cited in 1938, 305 U.S. 293, pp.305 U.S. 294. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=EU1NKI1XIGLIKVK.
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