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Taft v. Bowers, 278 U.S. 470 (1929)
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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.
Taft v. Bowers, 278 U.S. 470 (1929)
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Taft v. Bowers Nos. 16 and 17 Argued April 26, 1928 Reargued October 9, 1928 Decided February 18, 1929 278 U.S. 470
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Under par. (2), § 202 of the Revenue Act of 1921, where one who purchased shares of stock after February 28, 1913, gave them to another after December 31, 1920, when their market value had increased over the investment, and the donee afterwards sold them at a price still higher, the gain taxable to the donee is the difference between the price realized by him and the price paid by the donor. P. 481.
2. In such case, Congress has power under the Sixteenth Amendment to treat the entire increase in value, when separated from the investment by the sale, as income of the donee. P. 482.
20 F.2d 561, affirmed.
Certiorari, 275 U.S. 520, to judgments of the circuit court of appeals reversing judgments in favor of the present petitioners, 15 F.2d 890, in actions against the Collector to recover money paid as income taxes.
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Chicago: U.S. Supreme Court, "Syllabus," Taft v. Bowers, 278 U.S. 470 (1929) in 278 U.S. 470 278 U.S. 471–278 U.S. 478. Original Sources, accessed April 19, 2024, http://www.originalsources.com/Document.aspx?DocID=D9Q1E1FA876CWI4.
MLA: U.S. Supreme Court. "Syllabus." Taft v. Bowers, 278 U.S. 470 (1929), in 278 U.S. 470, pp. 278 U.S. 471–278 U.S. 478. Original Sources. 19 Apr. 2024. http://www.originalsources.com/Document.aspx?DocID=D9Q1E1FA876CWI4.
Harvard: U.S. Supreme Court, 'Syllabus' in Taft v. Bowers, 278 U.S. 470 (1929). cited in 1929, 278 U.S. 470, pp.278 U.S. 471–278 U.S. 478. Original Sources, retrieved 19 April 2024, from http://www.originalsources.com/Document.aspx?DocID=D9Q1E1FA876CWI4.
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