Court : US Supreme Court
Holyoke Water Power Co. v. American Writing Paper Co. - 300 U.S. 324 (1937) U.S. Supreme Court Holyoke Water Power Co. v. American Writing Paper Co., 300 U.S. 324 (1937) Holyoke Water Power Co. v. American Writing Paper Co. No. 180 Argued December 11, 1936 Decided March 1, 1937 300 U.S. 324 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FIRST CIRCUIT Syllabus Leases of water power rights to be enjoyed in perpetuity provided that the grantee should pay as rent "a quantity of gold which shall be equal in amount to" a stated number of "dollars of the gold coin of the United States of the standard of weight and fineness of the year 1894, or the equivalent of this commodity in United States currency." In 1894 and continuously thereafter till January 31, 1934, the statutory gold content of the dollar was twenty-five and eight-tenths grains of gold, nine-tenths fine. Since January 31, 1934, by force of the Gold Reserve Act of that year and the order of the President thereund...
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Helvering v. Tex-Penn Oil Co. - 300 U.S. 481 (1937) U.S. Supreme Court Helvering v. Tex-Penn Oil Co., 300 U.S. 481 (1937) Helvering v. Tex-Penn Oil Co. No. 207 Argued December 14, 1936 Reargued February 1, 2, 1937 Decided March 29, 1937 * 300 U.S. 481 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE THIRD CIRCUIT Syllabus 1. Findings of circumstantial facts by the Board of Tax Appeals must be taken as established if supported by substantial evidence. P. 300 U. S. 490 . 2. An "ultimate finding" by the Board of Tax Appeals, which is really a conclusion of law, or a determination of mixed law and fact, based on the Board's findings of primary, evidentiary, or circumstantial facts, is subject to judicial review, and, on such review, the court may substitute its judgment for that of the Board. P. 300 U. S. 491 . 3. In pursuance of a plan of reorganization, the assets of an oil company and undivided interests in oil leases owned by individuals were conveyed to a new com...
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Wright v. Vinton Branch - 300 U.S. 440 (1937) U.S. Supreme Court Wright v. Vinton Branch, 300 U.S. 440 (1937) Wright v. Vinton Branch No. 530 Argued March 3, 4, 1937 Decided March 29, 1937 300 U.S. 440 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FOURTH CIRCUIT Syllabus 1. A motion to dismiss a petition under 75(s), as amended, of the Bankruptcy Act upon the ground that, as applied to the owner of a farm loan secured by deed of trust, provisions of that subsection are unconstitutional, held not premature where the farmer debtor had taken all affirmative action required of him under the section to initiate proceedings leading to a stay of foreclosure. P. 300 U. S. 456 . Louisville Joint Stock Bank v. Radford, 295 U. S. 555 , did not Page 300 U. S. 441 question the power of Congress to offer to distressed farmers means of rehabilitation under the bankruptcy clause. 2. When the validity of an Act of Congress is drawn in question, and even if a serious doubt of...
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Groman v. Commissioner - 302 U.S. 82 (1937) U.S. Supreme Court Groman v. Commissioner, 302 U.S. 82 (1937) Groman v. Commissioner or Internal Revenue No. 21 Argued October 21, 22, 1937 Decided November 8, 1937 302 U.S. 82 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. Section 112(i)(2) of the Revenue Act of 1928 declaring that the term party to a reorganization "includes" a corporation resulting from a reorganization, and both corporations when one acquires specified proportions of stock of another, is not an exclusive definition, but rather is intended to enlarge the meaning of the term beyond its ordinary connotation. P. 302 U. S. 85 . 2. Pursuant to an agreement between a corporation (G) and shareholders of another corporation (I): -- G formed a new corporation (O), subscribing for its common stock and paying for it with cash and G's own preference shares; I's shareholders sold their shares to O and received from O a consideration made u...
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Chicago Title & Trust Co. v. Wilcox Bldg. Corp. - 302 U.S. 120 (1937) U.S. Supreme Court Chicago Title & Trust Co. v. Wilcox Bldg. Corp., 302 U.S. 120 (1937) Chicago Title & Trust Co. v. Forty-One, Thirty-Six Wilcox Bldg. Corp. Nos. 23 and 24 Argued October 21, 1937 Decided November 15, 1937 302 U.S. 120 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. A corporation, dissolved and put out of existence by the State which created it, may not invoke the powers of a court of bankruptcy under 77B of the Bankruptcy Act. P. 302 U. S. 124 . The record does not present a case where creditors are the moving parties, or where there has been any act of bankruptcy committed by the corporation, or where any pertinent law of the State is in conflict with the federal bankruptcy laws. 2. A private corporation can exist only under the express law of the State or sovereignty by which it was created. Its dissolution puts Page 302 U. S. 121 an end to its exi...
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Texas v. Donoghue - 302 U.S. 284 (1937) U.S. Supreme Court Texas v. Donoghue, 302 U.S. 284 (1937) Texas v. Donoghue No. 28 Argued November 10, 1937 Decided December 6, 1937 302 U.S. 284 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FIFTH CIRCUIT Syllabus Held, that the bankruptcy court, in a proceeding under 77B of the Bankruptcy Act, abused its discretion in denying a State permission to institute proceedings in a state court to have adjudged confiscate a quantity of oil, then in the possession of the trustee of the debtor, but claimed by the State to have become its property through statutory forfeiture when, prior to the approval of the debtor's petition, it was produced or transported in alleged violation of the conservation laws of the State. P. 302 U. S. 289 . Possession had been voluntarily surrendered to the bankruptcy court by receivers appointed by a state court in other proceedings brought by the State. 88 F.2d 48 reversed. Certiorari, 301 U.S. 674, t...
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Helvering v. Bashford - 302 U.S. 454 (1938) U.S. Supreme Court Helvering v. Bashford, 302 U.S. 454 (1938) Helvering v. Bashford No. 33 Argued October 21, 1937 Reargued December 15, 1937 Decided January 3, 1938 302 U.S. 454 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE THIRD CIRCUIT Syllabus The A corporation brought about a consolidation of three of its competitors into a new corporation, of which it became the owner of all the preferred shares and 57% of the common shares. Stockholders of the consolidated companies received, in exchange for their shares, shares of the new corporation, shares of the A corporation, and cash which the A corporation supplied. Held, the A corporation was not a "party to a reorganization" under 112(b)(3) of the Revenue Act of 1928; its shares received by stockholders of the consolidated companies were "other property" under 112(c)(1), and gain thereon was taxable. Following Groman v. Commissioner, ante, p. 302 U. S. 82 . P. 302 U....
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Minnesota Tea Co. v. Helvering - 302 U.S. 609 (1938) U.S. Supreme Court Minnesota Tea Co. v. Helvering, 302 U.S. 609 (1938) Minnesota Tea Co. v. Helvering No. 106 Argued December 16, 1937 Decided January 17, 1938 302 U.S. 609 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE EIGHT CIRCUIT Syllabus Money received by a corporation by exchange in a reorganization and turned over to its stockholders proportionally in pursuance of the plan of reorganization and subject to their agreement to assume and pay off indebtedness of the corporation of the same amount, which they thereupon fulfilled, was not distributed, within the meaning of 112(d)(1) and (2) of the Revenue Act of 1928, and the gain included was therefore taxable to the corporation. P. 302 U. S. 612 . Page 302 U. S. 610 In purpose and effect, the transaction was to pay the corporation's debts, using the stockholders as a conduit. 89 F.2d 711 affirmed. Certiorari, post, p. 665, to review a decree reversing a de...
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Adair v. Bank of America Assn. - 303 U.S. 350 (1938) U.S. Supreme Court Adair v. Bank of America Assn., 303 U.S. 350 (1938) Adair v. Bank of America National Trust & Savings Association No. 365 Argued February 2, 1938 Decided February 28, 1938 303 U.S. 350 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE NINTH CIRCUIT Syllabus 1. Subdivisions (e) and (n) of 75 of the Bankruptcy Act, which provide for exercise of such control over the property of the farmer-debtor as the court deems in his best interest and in that of his creditors, look to the maintenance of the farm as a going concern and authorize, in a proper case, the continuance of the farm operations after the filing of the petition. P. 303 U. S. 354 . 2. A conciliation commissioner, appointed pursuant to 75 of the Bankruptcy Act and Rule L of the General Orders in Bankruptcy, exercises judicial powers like those of a referee in bankruptcy; his acts in authorizing expenditure of funds in his charge, if performe...
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United States v. Hendler - 303 U.S. 564 (1938) U.S. Supreme Court United States v. Hendler, 303 U.S. 564 (1938) United States v. Hendler No. 563 Argued March 9, 1938 Decided March 2, 1938 * 303 U.S. 564 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FOURTH CIRCUIT Syllabus A gain resulting to a corporation from the assumption and payment of its bonded indebtedness by another corporation, with which it merged, held not exempt from income tax under Revenue Act of 1928, 112. P. 303 U. S. 567 . 91 F.2d 680 reversed. Certiorari, 302 U.S. 680, to review the affirmance of a judgment in favor of the taxpayer, 17 F.Supp. 558, in a suit to recover an alleged overpayment of income taxes. Page 303 U. S. 565 MR. JUSTICE BLACK delivered the opinion of the court. The Revenue Act of 1928 [ Footnote 1 ] imposed a tax upon the annual "net income" of corporations. It defined "net income" as "gross income . . . less the deductions allowed," and "gross income" as including "ga...
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