Burnet v. Houston, 283 U.S. 223 (1931)

Contents:
Author: U.S. Supreme Court

Show Summary

Burnet v. Houston, 283 U.S. 223 (1931)

Burnet v. Houston


No.199
Argued March 12, 1931
Decided April 13, 1931
283 U.S. 223

CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT

Syllabus

1. In the reorganization of a trust company in receivership, it was agreed that directors of the company who subscribed to a fund for administering and liquidating certain collateral should have an interest in what might be realized in excess of a value guaranteed to the company. Held, that such an interest is "property." P. 226.

2. Under §§ 21(a)(5) and 202(a)(1) of the Revenue Act of 1918, where a property interest acquired before March 1, 1913, in a transaction entered into for profit is sold in the taxable year at a loss, the loss deductible is limited by the value of the property on March 1, 1913, if that is less than original cost. P. 227.

3. A taxpayer claiming such deduction must prove, by the best available evidence that the circumstances and nature of the transaction permit, the value of the property as of March 1, 1913, as well as its cost. Id.

4. If proof of value as of March 1, 1913, be impossible, the claim of a deduction cannot be allowed upon a consideration of the other factors of the statute. P. 228.

5. It may not be presumed that cost of property acquired in 1906 was its value in 1913, where non constat that the cost was the value even at the time of acquisition. Id.

39 F.2d 351 reversed.

Certiorari, 282 U.S. 820, to review a judgment which reversed a decision of the Board of Tax Appeals, 13 B.T.A. 279, sustaining disallowance of a deduction for a loss in an income tax return.

Contents:

Related Resources

None available for this document.

Download Options


Title: Burnet v. Houston, 283 U.S. 223 (1931)

Select an option:

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

Email Options


Title: Burnet v. Houston, 283 U.S. 223 (1931)

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," Burnet v. Houston, 283 U.S. 223 (1931) in 283 U.S. 223 283 U.S. 224. Original Sources, accessed February 6, 2023, http://www.originalsources.com/Document.aspx?DocID=94PQPV4A2B4LFTG.

MLA: U.S. Supreme Court. "Syllabus." Burnet v. Houston, 283 U.S. 223 (1931), in 283 U.S. 223, page 283 U.S. 224. Original Sources. 6 Feb. 2023. http://www.originalsources.com/Document.aspx?DocID=94PQPV4A2B4LFTG.

Harvard: U.S. Supreme Court, 'Syllabus' in Burnet v. Houston, 283 U.S. 223 (1931). cited in 1931, 283 U.S. 223, pp.283 U.S. 224. Original Sources, retrieved 6 February 2023, from http://www.originalsources.com/Document.aspx?DocID=94PQPV4A2B4LFTG.