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Commissioner v. South Texas Lumber Co., 333 U.S. 496 (1948)
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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.
Commissioner v. South Texas Lumber Co., 333 U.S. 496 (1948)
Commissioner of Internal Revenue v. South Texas Lumber Co. No. 384 Argued January 14, 1948 Decided March 29, 1948 333 U.S. 496
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE FIFTH CIRCUIT
Syllabus
1. A corporate taxpayer which filed its federal income and excess profits tax return on the accrual basis, but elected to report income from certain installment sales on the installment basis, as authorized by § 44 of the Internal Revenue Code, may not, in computing its excess profits tax credit under § 714, include in "invested capital" (as "accumulated earnings and profits") the unrealized and unreported profits from such installment sales. Pp. 497-506.
2. The provision of § 29.115-3 of Treasury Regulations 111, applicable to excess profits tax as well as to income tax, that "a corporation computing income on the installment basis as provided in § 44 shall, with respect to the installment transaction, compute earnings and profits on such basis," is valid. Pp. 500-503.
3. Treasury Regulations constitute contemporaneous constructions of the revenue statutes by those charged with the administration of these statutes, and should not be invalidated except for weighty reasons. P. 501.
4. The provision of § 29.115-3 of Treasury Regulations 111 here in question is not in conflict with §§ 115(1), 111, 112, and 113 of the Internal Revenue Code. Pp. 504-506.
162 F.2d 866, reversed.
The Commissioner’s redetermination of respondent’s income and excess profits tax was sustained by the Tax Court. 7 T.C. 669. The Circuit Court of Appeals reversed. 162 F.2d 866. This Court granted certiorari. 332 U.S. 829. Reversed, p. 506.
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Chicago: U.S. Supreme Court, "Syllabus," Commissioner v. South Texas Lumber Co., 333 U.S. 496 (1948) in 333 U.S. 496 333 U.S. 497. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=JUZ67T5B2IT3Q6W.
MLA: U.S. Supreme Court. "Syllabus." Commissioner v. South Texas Lumber Co., 333 U.S. 496 (1948), in 333 U.S. 496, page 333 U.S. 497. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=JUZ67T5B2IT3Q6W.
Harvard: U.S. Supreme Court, 'Syllabus' in Commissioner v. South Texas Lumber Co., 333 U.S. 496 (1948). cited in 1948, 333 U.S. 496, pp.333 U.S. 497. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=JUZ67T5B2IT3Q6W.
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