Concurrence McKenna | Date decided 1918 | |
Full case name Towne v. Eisner, Collector of United States Internal Revenue for the Third District of the State of New York Citations 245 U.S. 418 (more)
38 S. Ct. 158; 62 L. Ed. 372; 1918 U.S. LEXIS 2143; 1 U.S. Tax Cas. (CCH) P14; 3 A.F.T.R. (P-H) 2959 Majority Holmes, joined by White, Day, Van Devanter, Pitney, McReynolds, Brandeis, Clarke Similar Eisner v Macomber, Brushaber v Union Pacific R, Pollock v Farmers' Loan & Tr | ||
Towne v. Eisner, 245 U.S. 418 (1918), is a United States Supreme Court case in which the Court held that "a stock dividend based on accumulated profits was not 'income' within the true intent of the statute." Congress passed a new law in reaction to Towne v. Eisner, and as a result the case was soon overturned by the Supreme Court in Eisner v. Macomber.
References
Towne v. Eisner Wikipedia(Text) CC BY-SA