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Burnet v. Commonwealth Improvement Co., 287 U.S. 415 (1932)
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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.
Burnet v. Commonwealth Improvement Co., 287 U.S. 415 (1932)
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Burnet v. Commonwealth Improvement Co. No. 95 Argued November 14, 1932 Decided December 12, 1932 287 U.S. 415
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT
Syllabus
1. The Court does not undertake to determine points not raised or considered below. P. 418.
2. The taxpayer, a corporation wholly owned by the estate of a decedent who had set it up and transferred securities to it as a medium for avoiding multiple death duties and insuring the safety of a charitable endowment, was assessed a deficiency in its return for 1920 on account of a gain arising out of an exchange of securities between it and the estate. It contended that there could be no true gain or loss in transactions between it and the estate because they were the same entity. Held: the record fails to disclose circumstances sufficient to require disregard of the corporate form. P. 419.
57 F.2d 47 reversed.
Certiorari, 286 U.S. 541, to review a judgment reversing a decision of the Board of Tax Appeals, 20 B.T.A. 1189, determining a deficiency in income taxes. Cf. the two cases next preceding.
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Chicago:
U.S. Supreme Court, "Syllabus," Burnet v. Commonwealth Improvement Co., 287 U.S. 415 (1932) in 287 U.S. 415 287 U.S. 416. Original Sources, accessed July 1, 2025, http://www.originalsources.com/Document.aspx?DocID=VIHMLP2IIVNGCMB.
MLA:
U.S. Supreme Court. "Syllabus." Burnet v. Commonwealth Improvement Co., 287 U.S. 415 (1932), in 287 U.S. 415, page 287 U.S. 416. Original Sources. 1 Jul. 2025. http://www.originalsources.com/Document.aspx?DocID=VIHMLP2IIVNGCMB.
Harvard:
U.S. Supreme Court, 'Syllabus' in Burnet v. Commonwealth Improvement Co., 287 U.S. 415 (1932). cited in 1932, 287 U.S. 415, pp.287 U.S. 416. Original Sources, retrieved 1 July 2025, from http://www.originalsources.com/Document.aspx?DocID=VIHMLP2IIVNGCMB.
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