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