Towne v. Eisner

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Towne v. Eisner
Seal of the United States Supreme Court.svg
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) P14; 3 A.F.T.R. (P-H) 2959
Court membership
Case opinions
Majority Holmes, joined by White, Day, Van Devanter, Pitney, McReynolds, Brandeis, Clarke
Concurrence McKenna

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.

External links[edit]