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Jarecki v. G. D. Searle & Co., 367 U.S. 303 (1961)
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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.
Jarecki v. G. D. Searle & Co., 367 U.S. 303 (1961)
Jarecki v. G. D. Searle & Co. No. 151 Argued March 21, 1961 Decided June 12, 1961 * 367 U.S. 303
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SEVENTH CIRCUIT
Syllabus
1. Development of new products is not "discovery" within the meaning of § 456(a)(2)(B) of the Internal Revenue Code of 1939, as amended, and income resulting from the manufacture and sale of certain patented drugs, cameras, camera equipment, and stereo products resulting from inventions is not included within the statutory definition of "abnormal income," in § 456(a), so as to qualify for Korean War excess profits tax relief under the Excess Profits Tax Act of 1950. Pp. 304-313.
2. Such income is not made eligible for Korean War excess profits tax relief by the concluding sentence of paragraph (2) of § 456(a), which provides that
The classification of income of any class not described in subparagraphs (A) to (D), inclusive, shall be subject to regulations prescribed by the Secretary.
Pp. 313-315.
274 F.2d 129 reversed.
278 F.2d 148 affirmed.
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Chicago: U.S. Supreme Court, "Syllabus," Jarecki v. G. D. Searle & Co., 367 U.S. 303 (1961) in 367 U.S. 303 367 U.S. 304. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=S7YEENELC4JK1L7.
MLA: U.S. Supreme Court. "Syllabus." Jarecki v. G. D. Searle & Co., 367 U.S. 303 (1961), in 367 U.S. 303, page 367 U.S. 304. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=S7YEENELC4JK1L7.
Harvard: U.S. Supreme Court, 'Syllabus' in Jarecki v. G. D. Searle & Co., 367 U.S. 303 (1961). cited in 1961, 367 U.S. 303, pp.367 U.S. 304. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=S7YEENELC4JK1L7.
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