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Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (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.
Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (1938)
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Guaranty Trust Co. v. Commissioner of Internal Revenue No. 301 Argued January 12, 13, 1938 Decided March 28, 1938 303 U.S. 493
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
A partnership whose fiscal year expired July 31, 1933, was dissolved by the death of a member in December, 1933. Decedent had kept his books on the cash receipts and disbursements basis, and filed his returns for income tax for each calendar year on that basis. The partnership kept its books on a like basis, but made its returns for a fiscal year ending July 31. Upon a partnership accounting, his share of the profits from August 1 to date of his death was ascertained and, in the following January and February, was paid to the executor. Held that the decedent’s taxable income for the calendar year 1933 includes his share of partnership profits from the beginning of the partnership fiscal year on Aug. 1, 1933, to the date of his death in the same year, in addition to his share of the partnership profits for its fiscal year ending July 31. Rev.Act 1932, § 182(a). P. 495.
89 F.2d 692 affirmed.
Certiorari, 302 U.S. 670, to review a judgment of the court below reversing an order of the Board of Tax Appeals. The Board’s order, 34 B.T.A. 384, set aside a deficiency assessment.
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Chicago: U.S. Supreme Court, "Syllabus," Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (1938) in 303 U.S. 493 303 U.S. 494. Original Sources, accessed November 10, 2024, http://originalsources.com/Document.aspx?DocID=XLX6B228WXNQWM1.
MLA: U.S. Supreme Court. "Syllabus." Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (1938), in 303 U.S. 493, page 303 U.S. 494. Original Sources. 10 Nov. 2024. http://originalsources.com/Document.aspx?DocID=XLX6B228WXNQWM1.
Harvard: U.S. Supreme Court, 'Syllabus' in Guaranty Trust Co. v. Commissioner, 303 U.S. 493 (1938). cited in 1938, 303 U.S. 493, pp.303 U.S. 494. Original Sources, retrieved 10 November 2024, from http://originalsources.com/Document.aspx?DocID=XLX6B228WXNQWM1.
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