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Spreckels v. Commissioner, 315 U.S. 626 (1942)
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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.
Spreckels v. Commissioner, 315 U.S. 626 (1942)
Spreckels v. Commissioner of Internal Revenue Nos. 581 and 582 Argued March 4, 5, 1942 Decided March 16, 1942 315 U.S. 626
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE NINTH CIRCUIT
Syllabus
Sales commission paid by a taxpayer engaged in the business of buying and selling securities on his own account are not deductible as ordinary and necessary expenses, under § 23(a) of the Revenue Act of 1934, but are to be treated a offsets against selling price relevant only to the determination of capital loses or gains. P. 627.
In Art. 282 of T.R. 77, under the Revenue Act of 1932, and Art. 22 of T.R. 86, under the Revenue Act of 1934, providing that commissions paid in selling securities are an offset against the selling price "when such commissions are not an ordinary and necessary business expense," the qualifying clause is controlling only in the case of dealers in securities.
119 F.2d 667 affirmed.
Certiorari, 314 U.S. 600, to review the reversal of a ruling of the Board of Tax Appeals, 41 B.T.A. 1204.
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Chicago: U.S. Supreme Court, "Syllabus," Spreckels v. Commissioner, 315 U.S. 626 (1942) in 315 U.S. 626 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=SERE1JM3TKCNX5H.
MLA: U.S. Supreme Court. "Syllabus." Spreckels v. Commissioner, 315 U.S. 626 (1942), in 315 U.S. 626, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=SERE1JM3TKCNX5H.
Harvard: U.S. Supreme Court, 'Syllabus' in Spreckels v. Commissioner, 315 U.S. 626 (1942). cited in 1942, 315 U.S. 626. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=SERE1JM3TKCNX5H.
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