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American National Co. V United States, 274 U.S. 99 (1927)
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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.
American National Co. V United States, 274 U.S. 99 (1927)
Please note: this case begins in mid-page. It therefore shares a citation with the last page of the previous case. If you are attempting to follow a link to the last page of 274 U.S. 91, click here.
American National Co. v United States No. 167 Argued February 25, 1927 Decided April 11, 1927 274 U.S. 99
APPEAL FROM THE DISTRICT COURT OF THE UNITED STATES
FOR THE WESTERN DISTRICT OF OKLAHOMA
Syllabus
A corporation, in the business of making and selling loans on five year notes and mortgages, derived its income from commissions in the form of two year notes made by the borrowers, and, in selling loan notes to investors, agreed, as an inducement, to pay them bonuses of a specified percent yearly of the loans sold, during the life thereof. Held that, under § 13(d) of the Revenue Act of 1916, and regulations of the Treasury pursuant thereto, a method of accounting which accrued the aggregate of the commission notes received during a tax year as income thereof, though not then due and payable, and which similarly accrued the aggregate of bonus contracts made during the year as expenses thereof, correctly reflected the income, and that such aggregate of bonus contracts was properly deducted from the gross of the commissions in ascertaining taxable income. United States v. Anderson, 269 U.S. 422. P. 103.
Reversed.
Appeal from a judgment of the district court in favor of the United States in a suit under the Claims Act (Jud.Code § 24, par. 20) to recover an amount paid under protest as an income and excess profits tax.
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Chicago: U.S. Supreme Court, "Syllabus," American National Co. V United States, 274 U.S. 99 (1927) in 274 U.S. 99 274 U.S. 100. Original Sources, accessed November 25, 2024, http://originalsources.com/Document.aspx?DocID=T41YCM61MX8QKTK.
MLA: U.S. Supreme Court. "Syllabus." American National Co. V United States, 274 U.S. 99 (1927), in 274 U.S. 99, page 274 U.S. 100. Original Sources. 25 Nov. 2024. http://originalsources.com/Document.aspx?DocID=T41YCM61MX8QKTK.
Harvard: U.S. Supreme Court, 'Syllabus' in American National Co. V United States, 274 U.S. 99 (1927). cited in 1927, 274 U.S. 99, pp.274 U.S. 100. Original Sources, retrieved 25 November 2024, from http://originalsources.com/Document.aspx?DocID=T41YCM61MX8QKTK.
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