Arrowsmith v. Commissioner of Internal Revenue

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Arrowsmith v. Commissioner of Internal Revenue (1952)
by Hugo Black
Syllabus
Opinion of the Court
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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.

907795Arrowsmith v. Commissioner of Internal Revenue — SyllabusHugo Black
Court Documents

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

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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).

Public domainPublic domainfalsefalse

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