Bowers v. Kerbaugh-Empire Co.
Bowers v. Kerbaugh-Empire Co., 271 U.S. 170 (1926), was a case in which the United States Supreme Court held that no taxable income arose from the repayment in German marks of loans that had originally been made in U.S. dollars, despite the fact that the marks had gone down in value relative to the dollar since the loan had been made.
| Bowers v. Kerbaugh-Empire Co. | |
|---|---|
 | |
| Argued January 25, 1926 Decided May 3, 1926 | |
| Full case name | Bowers, Collector of Internal Revenue v. Kerbaugh-Empire Company |
| Citations | 271 U.S. 170 (more) 46 S. Ct. 449; 70 L. Ed. 886; 1926 U.S. LEXIS 615; 1 U.S. Tax Cas. (CCH) ¶ 174; 5 A.F.T.R. (P-H) 6014; 1926 P.H. P1865 |
| Case history | |
| Prior | Kerbaugh-Empire Co. v. Bowers, 300 F. 938 (S.D.N.Y. 1924) |
| Holding | |
| No taxable income arose from the repayment in German marks of loans that had originally been made in U.S. dollars, despite the fact that the marks had gone down in value relative to the dollar since the loan had been made. | |
| Court membership | |
| |
| Case opinions | |
| Majority | Butler, joined by Taft, Holmes, Van Devanter, McReynolds, Sutherland, Sanford, Stone |
| Concurrence | Brandeis |
| Laws applied | |
| U.S. Const. amend. XVI | |
This decision was narrowed by the court six years later in United States v. Kirby Lumber Co..
External links
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