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Commissioner v. Fisher, 327 U.S. 512 (1946)
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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.
Commissioner v. Fisher, 327 U.S. 512 (1946)
Commissioner v. Fisher No. 452 Argued February 27, 1946 Decided March 11, 1946 327 U.S. 512
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SIXTH CIRCUIT
Syllabus
1. In computing under § 115(a) of the Revenue Act of 1934 the amount of "earnings or profits" distributed by a family investment corporation with respect to securities which it had acquired by tax-free exchanges for its own stock, the basis is the transferor’s cost, rather than the value of the securities at the time of their acquisition by the corporation. Commissioner v. Wheeler, 324 U.S. 542. P. 514.
2. Where a distribution of assets by a family investment corporation to one of its stockholders in 1934 imposed a tax liability on him under the Revenue Act of 1934, as interpreted in Commissioner v. Wheeler, 324 U.S. 542, the taxpayer (whose liability was pending before the Tax Court on September 20, 1940) was not exempted from liability by the proviso of § 501(c) of the Second Revenue Act of 1940 to the effect that nothing therein
shall affect the tax liability of any taxpayer for any year which, on September 20, 1940, was pending before . . . the Board of Tax Appeals, or any court.
P. 514.
(a) That proviso does not grant a special tax exemption to taxpayers who happened to have tax litigation pending in September, 1940. P. 514.
(b) It means that the enactment of the 1940 Act was not to affect the tax liability of those who had cases pending before the Board or courts, whatever that tax liability may have been under the earlier revenue laws. P. 515.
150 F.2d 198 reversed.
The Commissioner of Internal Revenue assessed an income tax deficiency against respondents. The Tax Court overruled the Commissioner. The Circuit Court of Appeals affirmed. 150 F.2d 198. This Court granted certiorari. 326 U.S. 710. Reversed, p. 515.
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Chicago: U.S. Supreme Court, "Syllabus," Commissioner v. Fisher, 327 U.S. 512 (1946) in 327 U.S. 512 327 U.S. 513. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=W16DN3BMRWQYHFC.
MLA: U.S. Supreme Court. "Syllabus." Commissioner v. Fisher, 327 U.S. 512 (1946), in 327 U.S. 512, page 327 U.S. 513. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=W16DN3BMRWQYHFC.
Harvard: U.S. Supreme Court, 'Syllabus' in Commissioner v. Fisher, 327 U.S. 512 (1946). cited in 1946, 327 U.S. 512, pp.327 U.S. 513. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=W16DN3BMRWQYHFC.
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