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Lynch v. Turrish, 247 U.S. 221 (1918)
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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.
Lynch v. Turrish, 247 U.S. 221 (1918)
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Lynch v. Turrish No. 421 Argued March 4, 5, 6, 1918 Decided June 3, 1918 247 U.S. 221
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE EIGHTH CIRCUIT
Syllabus
Due to gradual increase in the market value of timber lands owned by a corporation, the market value of it shares had increased to twice par value by March 1, 1913, when the Income Tax Act of that year took effect. Afterwards, the company sold all its property and made final distribution of the proceed to the shareholders on surrender of their certificates of stock, the amount received by each being twice the par value of his shares but representing no increase since the effective date of the act. Held that the value thus received in excess of par was not "income, gains, or profits" of a shareholder, subject to the tax, (a) because it represented merely a conversion of his existing investment, (b) because it did not "arise" or "accrue" after the act became effective.
236 F. 653 affirmed.
The case is stated in the opinion.
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Chicago: U.S. Supreme Court, "Syllabus," Lynch v. Turrish, 247 U.S. 221 (1918) in 247 U.S. 221 247 U.S. 222. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=FWWJDK3DVKY3I6P.
MLA: U.S. Supreme Court. "Syllabus." Lynch v. Turrish, 247 U.S. 221 (1918), in 247 U.S. 221, page 247 U.S. 222. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=FWWJDK3DVKY3I6P.
Harvard: U.S. Supreme Court, 'Syllabus' in Lynch v. Turrish, 247 U.S. 221 (1918). cited in 1918, 247 U.S. 221, pp.247 U.S. 222. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=FWWJDK3DVKY3I6P.
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