Higgins v. Smith, 308 U.S. 473 (1940)

Contents:
Author: U.S. Supreme Court

Show Summary

Higgins v. Smith, 308 U.S. 473 (1940)

Higgins v. Smith


No. 146


Argued December 5, 1939
Decided January 8, 1940
308 U.S. 473

CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT

Syllabus

1. Under § 23(e) of the Revenue Act of 1932, authorizing in the computation of income tax deductions for losses sustained during the taxable year, no deductible loss occurs upon a sale by the taxpayer to a corporation wholly owned by him. P. 476.

2. The contention that this conclusion is inconsistent with prior interpretations of the income tax laws and unfair to the taxpayer examined and rejected. P. 478.

3. From the fact that § 24(a)(6) of the Revenue Act of 1934 provides explicitly that losses determined by sales to corporations controlled by the taxpayer are not deductible, it does not follow that the law formerly was otherwise. P. 479.

4. Claims of error prejudicial to the taxpayer, arising out of the District Court’s rulings on evidence in this case, held without merit. P. 480.

102 F.2d 456 reversed.

Certiorari, post, p. 536, to review the reversal, on cross-appeals, of a judgment in a suit brought by a taxpayer for refund of a sum paid as income taxes.

Contents:

Related Resources

None available for this document.

Download Options


Title: Higgins v. Smith, 308 U.S. 473 (1940)

Select an option:

*Note: A download may not start for up to 60 seconds.

Email Options


Title: Higgins v. Smith, 308 U.S. 473 (1940)

Select an option:

Email addres:

*Note: It may take up to 60 seconds for for the email to be generated.

Chicago: U.S. Supreme Court, "Syllabus," Higgins v. Smith, 308 U.S. 473 (1940) in 308 U.S. 473 Original Sources, accessed September 20, 2018, http://www.originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.

MLA: U.S. Supreme Court. "Syllabus." Higgins v. Smith, 308 U.S. 473 (1940), in 308 U.S. 473, Original Sources. 20 Sep. 2018. www.originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.

Harvard: U.S. Supreme Court, 'Syllabus' in Higgins v. Smith, 308 U.S. 473 (1940). cited in 1940, 308 U.S. 473. Original Sources, retrieved 20 September 2018, from http://www.originalsources.com/Document.aspx?DocID=DLIR1RBJ1EITBAH.