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McCain v. Commissioner, 311 U.S. 527 (1941)
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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.
McCain v. Commissioner, 311 U.S. 527 (1941)
McCain v. Commissioner of Internal Revenue No. 55 Argued December 12, 1940 Decided January 6, 1941 * 311 U.S. 527
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE FIFTH CIRCUIT
Syllabus
1. Losses sustained by holders of corporate and municipal bonds upon their surrender for cash to the obligors held deductible, in computing taxable income under the Revenue Act of 1934, only to the limited extent provided by § 117(d), relating to losses from sales or exchanges of capital assets, and not in full as bad debts under § 23(k). The amounts received in such transactions are amounts received upon the "retirement" of the bonds within the meaning of § 117(f). P. 529.
2. In common understanding and according to dictionary definition, the word "retirement" is broader in meaning than the word "redemption." P. 530.
3. The correction of inconsistencies and inequalities in the operation of a statute of the United States is for Congress, and not the courts. P. 530.
110 F.2d 878 affirmed.
108 F.2d 642, reversed.
Certiorari, 310 U.S. 620, to review judgments which, in No. 55 affirmed, and in No. 58 reversed, orders of the Board of Tax Appeals sustaining the Commissioner’s disallowance of deductions in income tax returns. See 40 B.T.A. 60.
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Chicago: U.S. Supreme Court, "Syllabus," McCain v. Commissioner, 311 U.S. 527 (1941) in 311 U.S. 527 311 U.S. 528. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=ZB9TMNZG8HD5AW7.
MLA: U.S. Supreme Court. "Syllabus." McCain v. Commissioner, 311 U.S. 527 (1941), in 311 U.S. 527, page 311 U.S. 528. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=ZB9TMNZG8HD5AW7.
Harvard: U.S. Supreme Court, 'Syllabus' in McCain v. Commissioner, 311 U.S. 527 (1941). cited in 1941, 311 U.S. 527, pp.311 U.S. 528. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=ZB9TMNZG8HD5AW7.
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