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Commissioner v. Wheeler, 324 U.S. 542 (1945)
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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. Wheeler, 324 U.S. 542 (1945)
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Commissioner v. Wheeler Nos. 510 and 511 Argued February 26, 1945 Decided March 26, 1945 324 U.S. 542
APPEALS FROM THE SUPREME COURT OF CALIFORNIA
Syllabus
Article 115-3 of Treasury Regulations 101, promulgated under the Revenue Act of 1938, requires that, for computing under § 112(b)(7)(E) the amount of "earnings and profits" distributed by a corporation as liquidating dividends with respect to securities which the corporation had acquired by tax-free exchanges for its own stock and had later sold, the basis be the transferor’s cost, rather than the value of the securities at the time of their acquisition by the corporation.
Held:
1. The regulation was reasonable, and a valid exercise of the rulemaking power. P. 546.
2. Though the Tax Court relied on § 501 of the Second Revenue Act of 1940, it is unnecessary here to determine the constitutionality of applying that section retroactively. P. 547.
143 F.2d 162 reversed.
Certiorari, 323 U.S. 694, to review the reversal of a decision of the Tax Court, 1 T.C. 640, which sustained the Commissioner’s determination of deficiencies in income tax.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Commissioner v. Wheeler, 324 U.S. 542 (1945) in 324 U.S. 542 324 U.S. 543. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=N9JL6C52UES774L.
MLA: U.S. Supreme Court. "Syllabus." Commissioner v. Wheeler, 324 U.S. 542 (1945), in 324 U.S. 542, page 324 U.S. 543. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=N9JL6C52UES774L.
Harvard: U.S. Supreme Court, 'Syllabus' in Commissioner v. Wheeler, 324 U.S. 542 (1945). cited in 1945, 324 U.S. 542, pp.324 U.S. 543. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=N9JL6C52UES774L.
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