|
|
Burnet v. Aluminum Goods Manufacturing Co., 287 U.S. 544 (1933)
Contents:
Show Summary
Hide Summary
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. Aluminum Goods Manufacturing Co., 287 U.S. 544 (1933)
Please note: this case begins in mid-page. It therefore shares a citation with the last page of the previous case. If you are attempting to follow a link to the last page of 287 U.S. 530, click here.
Burnet v. Aluminum Goods Manufacturing Co. No.192 Argued December 13, 14, 1932 Decided January 9, 1933 287 U.S. 544
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SEVENTH CIRCUIT
Syllabus
1. The purpose of requiring consolidated returns by affiliated corporations was to impose the war profits tax according to true net income and invested capital of what was, in practical effect, a single business enterprise, even though conducted by means of more than one corporation. P. 547.
2. Primarily, the consolidated return was to preclude reduction of the total tax payable by the business, viewed as a unit, by redistribution of income or capital among the component corporations by means of inter-company transactions. Id.
3. A manufacturing corporation bought all the shares of another corporation and used it as its subsidiary for selling the goods manufactured. The subsidiary, after netting losses in several years preceding 1917, was liquidated in that year, and, in the year next following, dissolved. Held that the two corporations did not cease to be "affiliated" during the year 1917 (Rev. Act 1921, § 1331; Treas.Reg. 41, Arts. 77 and 78), and that, in making up their consolidated return of excess profits for that year, the loss of the parent company’s investment in the stock of the subsidiary, and the loss of moneys advanced by the one to the other for the business and not repaid were properly deducted from gross income after subtracting from their sum the subsidiary’s operating loss in that year (Rev. Acts, 1916, § 12; 1917, § 206; Treas.Reg. 33, 1918 ed., Art. 147.) P. 548 et seq.
56 F.2d 568 affirmed.
Certiorari to review the reversal of an order of the Board of Tax Appeals, 22 B.T.A. 1, sustaining the Commissioner’s finding of a deficiency in a consolidated tax return.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Burnet v. Aluminum Goods Manufacturing Co., 287 U.S. 544 (1933) in 287 U.S. 544 287 U.S. 545. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=FNY5QS99S6JPCA3.
MLA: U.S. Supreme Court. "Syllabus." Burnet v. Aluminum Goods Manufacturing Co., 287 U.S. 544 (1933), in 287 U.S. 544, page 287 U.S. 545. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=FNY5QS99S6JPCA3.
Harvard: U.S. Supreme Court, 'Syllabus' in Burnet v. Aluminum Goods Manufacturing Co., 287 U.S. 544 (1933). cited in 1933, 287 U.S. 544, pp.287 U.S. 545. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=FNY5QS99S6JPCA3.
|