Towne v. Eisner
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."[1] Congress passed a new law in reaction to Towne v. Eisner and so the case was soon overturned by the Supreme Court in Eisner v. Macomber.
| Towne v. Eisner | |
|---|---|
 | |
| Argued December 12, 1917 Decided January 7, 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) ¶ 14; 3 A.F.T.R. (P-H) 2959 |
| Holding | |
| A stock dividend based on accumulated profits is not "income." | |
| Court membership | |
| |
| Case opinions | |
| Majority | Holmes, joined by White, Day, Van Devanter, Pitney, McReynolds, Brandeis, Clarke |
| Concurrence | McKenna |
Overruled by | |
| Eisner v. Macomber | |
References
- Towne v. Eisner, 245 U.S. 418 (1918).
External links
- Text of Towne v. Eisner, 245 U.S. 418 (1918) is available from: Cornell CourtListener Findlaw Google Scholar Justia Library of Congress
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