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Foster v. United States, 303 U.S. 118 (1938)
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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.
Foster v. United States, 303 U.S. 118 (1938)
Foster v. United States No. 189 Argued January 10, 11, 1938 Decided January 31, 1938 303 U.S. 118
CERTIORARI TO THE COURT OF CLAIMS
Syllabus
1. For the purpose of the federal income tax, earnings accumulated by a corporation prior to March 1, 1913, are deemed capital. P. 121.
2. Amounts distributed by a corporation in partial liquidation, i.e., in cancellation or redemption of part of its stock, are, under subsection (c) of § 115 of the Revenue Act of 1928, chargeable to capital, which, for this purpose, includes March 1, 1913, surplus, and are not to be considered a distribution of earnings or profits within the meaning of subsection (b) for the purpose of determining the taxability of subsequent distributions. Pp. 121-122.
84 Ct.Cls.193, 17 F.Supp. 191, affirmed.
Certiorari, 302 U.S. 667, to review a judgment against the petitioners in a suit to recover an alleged overpayment of income taxes. In the trial court, upon the death of the original plaintiff, petitioners, her executors, were substituted as parties plaintiff.
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Chicago: U.S. Supreme Court, "Syllabus," Foster v. United States, 303 U.S. 118 (1938) in 303 U.S. 118 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=TNK2L5IXE6ELPPW.
MLA: U.S. Supreme Court. "Syllabus." Foster v. United States, 303 U.S. 118 (1938), in 303 U.S. 118, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=TNK2L5IXE6ELPPW.
Harvard: U.S. Supreme Court, 'Syllabus' in Foster v. United States, 303 U.S. 118 (1938). cited in 1938, 303 U.S. 118. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=TNK2L5IXE6ELPPW.
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