Taft v. Bowers, 278 U.S. 470 (1929)

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Author: U.S. Supreme Court

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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 20, 2018, 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. 20 Apr. 2018. 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 20 April 2018, from http://www.originalsources.com/Document.aspx?DocID=D9Q1E1FA876CWI4.