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New York v. Jersawit, 263 U.S. 493 (1924)
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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.
New York v. Jersawit, 263 U.S. 493 (1924)
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New York v. Jersawit No. 352 Submitted December 3, 1923 Decided January 7, 1924 263 U.S. 493
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT.
Syllabus
1. The tax laid on a domestic corporation in New York (Tax Law, § 209) for the privilege of exercising its franchise in the state, to be paid annually "in advance" for the year beginning November 1st, to be computed upon the basis of the entire net income of the corporation for its fiscal, or the calendar, year preceding is an entirety, and cannot be apportioned to a fraction of the tax year which has elapsed when the corporation goes out of business. P. 495.
2. The state has a claim for the entire tax when the corporation is thrown into bankruptcy after lapse of part of the tax year. Id.
3. The addition of 10% where the tax is not paid by January 1st is a penalty, and the further addition of 1% for each month the tax remains unpaid is not statutory interest, but part of the penalty, and neither can be allowed the state in a bankruptcy proceeding. Bankruptcy Act, § 57j. P. 496.
290 F. 950 reversed.
Certiorari to an order of the circuit court of appeals which affirmed an order of the district court, in bankruptcy, adjudicating a claim made by the State of New York for a tax.
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Chicago: U.S. Supreme Court, "Syllabus," New York v. Jersawit, 263 U.S. 493 (1924) in 263 U.S. 493 263 U.S. 494. Original Sources, accessed November 25, 2024, http://originalsources.com/Document.aspx?DocID=HK7L6XVCIWPZZRB.
MLA: U.S. Supreme Court. "Syllabus." New York v. Jersawit, 263 U.S. 493 (1924), in 263 U.S. 493, page 263 U.S. 494. Original Sources. 25 Nov. 2024. http://originalsources.com/Document.aspx?DocID=HK7L6XVCIWPZZRB.
Harvard: U.S. Supreme Court, 'Syllabus' in New York v. Jersawit, 263 U.S. 493 (1924). cited in 1924, 263 U.S. 493, pp.263 U.S. 494. Original Sources, retrieved 25 November 2024, from http://originalsources.com/Document.aspx?DocID=HK7L6XVCIWPZZRB.
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