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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: DISPOSAL OF CAPITAL ASSETS By Edward J. Toomey of Bloomfleld-Rodger-Toomey Co., Detroit, Michigan. On December i6th, 1920, Judge Thomas of the United States District Court of Connecticut handed down its decision in the case of Brewster vs. Walsh, Collector of Internal Revenue (At Law 2I33), and his ruling in the case is of such a far-reaching nature that it cannot fail to prove of vital interest. In fact, if it is upheld by the United States Supreme Court, to which, the case will undoubtedly be carried, it will put the Stock Dividend decision in the class of light summer reading. Briefly, the facts at issue are as follows: Plaintiff in 1899 acquired certain 'bonds which on March I, 1913, had a market value of $151,845. In 1916 he disposed of them for $191,003. Tax amounting to $17,789.13 resulting from the alleged income derived as a result of this transaction was assessed by the Collector and paid under protest by the plaintiff, Brewster, who then sought to recover. Judge Thomas' decision reads in part as follows: The discussion of this proposition revolves around the sixteenth Amendment of the Constition and legislation passed by Congress after the ratification of the Amendment. The Sixteenth Amendment provides: 'The Congress shall have power to lay and collect taxes on incomes from whatever source derived, wjthout apportionment among the several States, and without regard to any census or enumeration.' The pertinent sections of the statute passed Ty Congress to carry the Amendment into effect provide: Sec. 1 (a.) That there shall be levied, assessed, collected and paid annually upon the entire net income received in the preceding calendar year from all sources by every individual, a citizen or resident of the United States, a tax of two per centum...
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
A journal devoted to banking law and practice for bankers and bank attorneys. Includes articles, notes on court cases, and summaries of legislation.