Arrowsmith v. Commissioner of Internal Revenue

Arrowsmith v. Commissioner of Internal Revenue by Hugo Black Syllabus

Opinion of the Court→

related portals: Supreme Court of the United States. Arrowsmith v. Commissioner, 344 U.S. 6 (1952), is a United States Supreme Court case regarding taxation. The case involves taxpayers who liquidated a corporation in 1937. The taxpayers (properly) reported the income from the liquidation as long-term capital gains, thus obtaining a preferential tax rate. Subsequent to the liquidation in 1944, the taxpayers were required to pay a judgment arising from the affairs of the liquidated corporation. The taxpayers classified this payment as an ordinary business loss, which would allow them to take a greater deduction for the loss than would be permitted for a capital loss. — Excerpted from Arrowsmith v. Commissioner on Wikipedia, the free encyclopedia.

United States Supreme Court

344 U.S. 6

ARROWSMITH  v.  COMMISSIONER OF INTERNAL REVENUE

 Argued: Oct. 24, 1952. --- Decided: Nov 10, 1952

See 344 U.S. 900, 73 S.Ct. 273.

Mr. George R. Sherriff, New York City, for petitioners.

Helen Goodner, Washington, D.C., for respondent.

Notes

This work is in the public domain in the United States because it is a work of the United States federal government (see 17 U.S.C. 105).