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Thor Power Tool Company v. Commissioner, 439 U.S. 522 (1979), was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory. Thor manufactured equipment using multiple parts that it produced. It capitalized the costs of these parts when produced.
No Capitation, or other direct, Tax shall be laid, unless in proportion to the Census or Enumeration herein before directed to be taken. [12] The power to impose taxes, whether direct or indirect, is granted by Article I, section 8, clause 1. Indirect taxes (or "duties, imposts and excises," sometimes called simply "excises") are required to be ...
Brushaber v. Union Pacific Railroad Co., 240 U.S. 1 (1916), was a landmark United States Supreme Court case in which the Court upheld the validity of a tax statute called the Revenue Act of 1913, also known as the Tariff Act, Ch. 16, 38 Stat. 166 (October 3, 1913), enacted pursuant to Article I, section 8, clause 1 of, and the Sixteenth Amendment to, the United States Constitution, allowing a ...
This case highlights an ambiguous area in the U.S. tax code's treatment of deposits. The code treats advance payments and loans differently. Generally, the full amount of an advance payment for services is taxable income to the recipient in the year received. This is true even if the services extend beyond the taxable year.
As construed by the Supreme Court in the Brushaber case, the power of Congress to tax income derives from Article I, Section 8, Clause 1, of the original Constitution rather than from the Sixteenth Amendment; the latter simply eliminated the requirement that an income tax, to the extent that it is a direct tax, must be apportioned among the ...
The Supreme Court of the United States has heard numerous cases in the area of tax law. This is an incomplete list of those cases. This is an incomplete list of those cases. Article One
The Taxing and Spending Clause [1] (which contains provisions known as the General Welfare Clause [2] and the Uniformity Clause [3]), Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation. While authorizing Congress to levy taxes, this clause permits the ...
Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955), was an important income tax case before the United States Supreme Court.The Court held as follows: Congress, in enacting income taxation statutes that comprehend "gains or profits and income derived from any source whatever," intended to tax all gain except that which was specifically exempted.