Towne v. Eisner
1918 United States Supreme Court case
| Towne v. Eisner | |
|---|---|
 | |
| Argued December 12, 1917 Decided January 7, 1918 | |
| Full case name | Towne v. Eisner, Collector of United States Internal Revenue for the Third District of the State of New York |
| Citations | 245 U.S. 418 (more) 38 S. Ct. 158; 62 L. Ed. 372; 1918 U.S. LEXIS 2143; 1 U.S. Tax Cas. (CCH) ¶ 14; 3 A.F.T.R. (P-H) 2959 |
| Holding | |
| A stock dividend based on accumulated profits is not "income." | |
| Court membership | |
| |
| Case opinions | |
| Majority | Holmes, joined by White, Day, Van Devanter, Pitney, McReynolds, Brandeis, Clarke |
| Concurrence | McKenna |
Overruled by | |
| Eisner v. Macomber | |
Towne v. Eisner, 245 U.S. 418 (1918), is a United States Supreme Court case in which the Court held that "a stock dividend based on accumulated profits was not 'income' within the true intent of the statute."[1] Congress passed a new law in reaction to Towne v. Eisner and so the case was soon overturned by the Supreme Court in Eisner v. Macomber.
It includes the quotable passage: "A word is not a crystal, transparent and unchanged; it is the skin of a living thought and may vary greatly in colour and content according to the circumstances and time in which it is used." ― Oliver Wendell Holmes Jr.[2]
References
- ^ Towne v. Eisner, 245 U.S. 418 (1918).
This article incorporates public domain material from judicial opinions or other documents created by the federal judiciary of the United States. - ^ Towne v Eisner, 245 U.S. 418 425 (1918), quoted in Roberts, Harold S. (1986) [1966] Roberts' Dictionary of Industrial Relations 3rd ed. (Washington D.C.; Bureau of National Affairs), p. vii. ISBN 0-87179-488-8.
External links
- Text of Towne v. Eisner, 245 U.S. 418 (1918) is available from: Cornell CourtListener Findlaw Google Scholar Justia Library of Congress
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United States Sixteenth Amendment case law
- Brushaber v. Union Pacific Railroad (1916)
- Stanton v. Baltic Mining Company (1916)
- Tyee Realty Co. v. Anderson (1916)
- Stratton's Independence, Ltd. v. Howbert (1913)
- Towne v. Eisner (1918)
- Eisner v. Macomber (1920)
- Bowers v. Kerbaugh-Empire Co. (1926)
- Moore v. United States (2024)
corporate dividends
- Lynch v. Turrish (1918)
- Southern Pacific Co. v. Lowe (1918)
- Lynch v. Hornby (1918)
- Peabody v. Eisner (1918)
- Eisner v. Macomber (1920)
- United States v. Phellis (1921)
- Rockefeller v. United States (1921)
- Merchants' Loan & Trust v. Smietanka (1921)
- Miles v. Safe Deposit Co. (1922)
- Cullinan v. Walker (1923)
- Weiss v. Stearn (1924)
- Marr v. United States (1925)
- Koshland v. Helvering (1936)
- Helvering v. Gowran (1937)
corporate earnings
- Edwards v. Cuba Railroad (1925)
- Burk-Waggoner Assoc. v. Hopkins (1925)
- Texas & Pacific Railway Co. v. United States (1932)
- Continental Tie & Lumber Co. v. United States (1932)
- Helvering v. Mitchell (1938)
- Helvering v. National Grocery (1938)
- Helvering v. Northwest Steel Mills (1940)
- Crane-Johnson Co. v. Helvering (1940)
- Commissioner v. Glenshaw Glass Co. (1955)
- General American Investors Co. v. Commissioner (1955)
- Commissioner v. Gillette Motor Co. (1960)
- Goodrich v. Edwards (1921)
- Walsh v. Brewster (1921)
- Taft v. Bowers (1929)
- Lucas v. Alexander (1929)
- Burnet v. Harmel (1932)
- United States v. Safety Car Heating Co. (1936)
- Helvering v. Bruun (1940)
- Helvering v. Horst (1940)
- Crane v. Commissioner (1947)
- United States v. Davis (1962)
- Commissioner v. Tufts (1983)
- United States v. Sullivan (1927)
- Rutkin v. United States (1952)
- Commissioner v. Sullivan (1958)
- James v. United States (1961)
and exemptions
- Brushaber v. Union Pacific Railroad (1915)
- Burnet v. Sanford & Brooks Co. (1931)
- McLaughlin v. Alliance Ins. Co. (1932)
- Helvering v. Independent Life Ins. Co. (1934)
- Helvering v. Winmill (1938)
- Millinery Corp. v. Commissioner (1956)
- Tank Truck Rentals v. Commissioner (1958)
- Hoover Express Co. v. United States (1958)
- Cammarano v. United States (1959)
- United States v. General Dynamics Corp. (1987)
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