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J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940)
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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.
J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940)
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J.E. Riley Investment Co. v. Commissioner of Internal Revenue No. 50 Argued October 25, 1940 Decided November 12, 1940 311 U.S. 55
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE NINTH CIRCUIT
Syllabus
1. In the computation of net income in the case of mines, § 114(b)(4) of the Revenue Act of 1934 permits deductions for depletion on a percentage basis provided that the taxpayer in making his "first return" under the Act elects to avail of that basis. Held that an amended return, filed after the expiration of the statutory period for filing the original return, including such extension of the period as the Commissioner was empowered to grant, was not a "first return" within the meaning of the section. P. 57.
2. That, in the circumstances of this case, the construction thus given the statute works a hardship on the taxpayer, may be the basis of an appeal to Congress for relief, but not to the courts. P. 59.
3. The judgment of the Circuit Court of Appeals affirming the decision of the Board of Tax Appeals in this case was correct, and must be sustained whether or not the court gave a wrong reason for its action. P. 59.
110 F.2d 655 affirmed.
Certiorari, 310 U.S. 619, to review the affirmance of a decision of the Board of Tax Appeals which, on petition for redetermination of income tax, upheld the Commissioner’s ruling denying percentage depletion.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940) in 311 U.S. 55 311 U.S. 56. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=NGNFXQK5ZHRYBJ2.
MLA: U.S. Supreme Court. "Syllabus." J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940), in 311 U.S. 55, page 311 U.S. 56. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=NGNFXQK5ZHRYBJ2.
Harvard: U.S. Supreme Court, 'Syllabus' in J.E. Riley Investment Co. v. Commissioner, 311 U.S. 55 (1940). cited in 1940, 311 U.S. 55, pp.311 U.S. 56. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=NGNFXQK5ZHRYBJ2.
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