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Denman v. Slayton, 282 U.S. 514 (1931)
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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.
Denman v. Slayton, 282 U.S. 514 (1931)
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Denman v. Slayton No. 60 Argued January 20, 1931 Decided February 24, 1931 282 U.S. 514
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SIXTH CIRCUIT
Syllabus
By Revenue Act of 1921, Title II, § 213(b)(4), in computing gross income, interest on obligations of a state or any political subdivision thereof is excluded, and by § 214(a)(2), all interest paid or accrued on indebtedness owed by the taxpayer is deductible from gross income, except interest on indebtedness incurred or continued to purchase or carry obligations (other than certain specified obligations of the United States) the interest upon which is wholly exempt from taxation under the Title. Held that the purpose of the exception was to prevent the escape from taxation of income properly subject thereto by the purchase of exempt securities with borrowed money, and that it is not unconstitutional either (a) as discriminating against owners of nontaxable securities and nullifying their immunity from taxation, or (b) a discriminating against dealers in municipal bonds who, in the course of their business, pay interest on money borrowed to buy or carry such securities, but cannot deduct it in their tax returns, although those engaged in other kinds of business are allowed to deduct interest as an operating expense, or (c) as arbitrarily discriminating in favor of those who are able to purchase and carry securities without borrowing. National Life Ins. Co. v. United States, 277 U.S. 508, distinguished. P. 519.
36 F.2d 145 reversed.
Certiorari, 281 U.S. 712, to review a judgment which affirmed a recovery from the Collector in a suit in the district court for money collected as an additional income tax.
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Chicago: U.S. Supreme Court, "Syllabus," Denman v. Slayton, 282 U.S. 514 (1931) in 282 U.S. 514 282 U.S. 515–282 U.S. 517. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=RVBGIXYQB4NVLWL.
MLA: U.S. Supreme Court. "Syllabus." Denman v. Slayton, 282 U.S. 514 (1931), in 282 U.S. 514, pp. 282 U.S. 515–282 U.S. 517. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=RVBGIXYQB4NVLWL.
Harvard: U.S. Supreme Court, 'Syllabus' in Denman v. Slayton, 282 U.S. 514 (1931). cited in 1931, 282 U.S. 514, pp.282 U.S. 515–282 U.S. 517. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=RVBGIXYQB4NVLWL.
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