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Fulman v. United States, 434 U.S. 528 (1978)
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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.
Fulman v. United States, 434 U.S. 528 (1978)
Fulman v. United States No. 76-1137 Argued November 29, 1977 Decided February 22, 1978 434 U.S. 528
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE FIRST CIRCUIT
Syllabus
The provision of Treas.Reg. § 1.562-1(a) that a personal holding company’s distribution of appreciated property to its shareholders results, under §§ 561 and 562 of the Internal Revenue Code of 1954, in a dividends-paid deduction limited to an amount that is the adjusted tax basis of the property in the hands of the company at the time of the distribution held valid as having a reasonable basis, as against the contention that such deduction should be equal in amount to the fair market value of the property distributed. Given the fact that § 27(d) of the Internal Revenue Code of 1939 expressly provided the "adjusted basis" measure for valuation of dividends paid in appreciated property, rather than money, and the ambiguity surrounding the legislative history of § 562 of the 1954 Code, which sets forth the rules applicable in determining dividends eligible for the dividends-paid deduction but contains no counterpart to § 27(d) of the 1939 Code, no "weighty reason" justifying setting aside the regulation in question can be identified. Pp. 530-539.
545 F.2d 268, affirmed.
BRENNAN, J., delivered the opinion of the Court, in which BURGER, C.J., and STEWART, WHITE, MARSHALL, and REHNQUIST, JJ., joined. STEVENS, J., filed an opinion concurring in the judgment and concurring in part, post, p. 539. POWELL, J., filed a dissenting opinion, post, p. 539. BLACKMUN, J., took no part in the consideration or decision of the case.
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Chicago: U.S. Supreme Court, "Syllabus," Fulman v. United States, 434 U.S. 528 (1978) in 434 U.S. 528 434 U.S. 529. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=HHIWM5TZVKGR4U8.
MLA: U.S. Supreme Court. "Syllabus." Fulman v. United States, 434 U.S. 528 (1978), in 434 U.S. 528, page 434 U.S. 529. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=HHIWM5TZVKGR4U8.
Harvard: U.S. Supreme Court, 'Syllabus' in Fulman v. United States, 434 U.S. 528 (1978). cited in 1978, 434 U.S. 528, pp.434 U.S. 529. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=HHIWM5TZVKGR4U8.
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