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United States v. Cartwright, 411 U.S. 546 (1973)
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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.
United States v. Cartwright, 411 U.S. 546 (1973)
United States v. Cartwright No. 71-1665 Argued January 16, 1973 Decided May 7, 1973 411 U.S. 546
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
Shares in mutual funds can be "sold" by the shareholder only back to the fund, and only at a set redemption price. Treas.Reg. § 20.2031-8(b), requiring that such shares be valued for federal estate tax purposes at the current public offering ("asked") price, which is determined by adding a load or sales charge to the net asset value, is clearly inconsistent with the Investment Company Act of 1940, and is therefore invalid. Pp. 550-557.
457 F.2d 567, affirmed.
WHITE, J., delivered the opinion of the Court, in which DOUGLAS, BRENNAN, MARSHALL, BLACKMUN, and POWELL, JJ., joined. STEWART, J., filed a dissenting opinion, in which BURGER, C.J., and REHNQUIST, JJ, joined, post p. 557.
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Chicago: U.S. Supreme Court, "Syllabus," United States v. Cartwright, 411 U.S. 546 (1973) in 411 U.S. 546 Original Sources, accessed May 19, 2024, http://www.originalsources.com/Document.aspx?DocID=62K1N88MMVBXV9A.
MLA: U.S. Supreme Court. "Syllabus." United States v. Cartwright, 411 U.S. 546 (1973), in 411 U.S. 546, Original Sources. 19 May. 2024. http://www.originalsources.com/Document.aspx?DocID=62K1N88MMVBXV9A.
Harvard: U.S. Supreme Court, 'Syllabus' in United States v. Cartwright, 411 U.S. 546 (1973). cited in 1973, 411 U.S. 546. Original Sources, retrieved 19 May 2024, from http://www.originalsources.com/Document.aspx?DocID=62K1N88MMVBXV9A.
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