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" Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp. "
Reports of the U.S. Board of Tax Appeals - Page 441
by United States. Board of Tax Appeals - 1926
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Cases Decided in the Court of Claims of the United States, Volume 58

United States. Court of Claims - Law reports, digests, etc - 1924 - 792 pages
...Trust Co. v. jSmietanka, 255 US 509, 518, has defined the meaning of the word " income " as follows : " Income may be defined as the gain derived from capital,...gained through a sale or conversion of capital assets." It can not be said that the proceeds of life insurance policies come within the meaning of the above...
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Cases Decided in the United States Court of Claims ... with ..., Volume 123

United States. Court of Claims, Audrey Bernhardt - Law reports, digests, etc - 1958 - 1044 pages
...case. But in Eisner v. Macomber the court defined "income" for income tax purposes, as follows : * * * the gain derived from capital, from labor, or from...gained through a sale or conversion of capital assets * * *. We are unwilling to surmise that the court intended by this language, not necessary to its decision,...
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The Central Law Journal, Volume 92

Law - 1921 - 510 pages
...Profits on Sale of Stock or Bonds as Income.— The United States Supreme Court has defined "income" as, "The gain derived from capital, from labor, or from both combined, provid1 it be understood to include profits gained through sale or conversion of capital assets " Eisner...
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The New York Supplement, Volume 188

Law reports, digests, etc - 1921 - 1048 pages
...businesses, commerce, or sales, or dealings in property," and the United States Supreme Court defines income as the "gain derived from capital, from labor, or from both combined." Doyle v. Mitchell Brothers Co., 247 US 179, 185, 38 Sup. Ct. 467, 469 (62 L. Ed. 105) and authority...
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The Journal of political economy, Volume 33

1925 - 822 pages
...found it necessary to determine just what income is, and defined the term in the following words: "For income may be defined as the gain derived from capital, from labor, or from both combined, and here we have combined operations of capital and labor."1 No authority of previous decisions was...
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California Law Review, Volume 2

Electronic journals - 1914 - 552 pages
...process and the transaction is indubitably "business" and the gains derived therefrom "income," for "income may be defined as the gain derived from capital, from labor, or from both combined, and here we have combined operations of capital and labor." The Court called attention to the alleged...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 231

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - Courts - 1914 - 922 pages
...in its results to a manufacturing process, and is "business" within the Corporation Tax Law of 1909. Income may be defined as the gain derived from capital, from labor, or from both combined. In fixing the income by which the excise on conducting business should be measured, Congress has power...
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Auditing Theory and Practice

Robert Hiester Montgomery - Auditing - 1927 - 880 pages
...to restore the capital value that existed at the commencement of the period under consideration.10 Income may be defined as the gain derived from capital,...gained through a sale or conversion of capital assets." One of the best legal definitions of "profit," of general applicability, is found in Morrow v. Missouri...
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Income Tax Law and Accounting, 1918: Being a Practical Application of the ...

Godfrey Nicholas Nelson - Excess profits tax - 1918 - 478 pages
...of the act of 1009; and the gains derived from it are properly and strictly from that business; fot "income" may be defined as the gain derived from capital, from labor, or from both combined, and here we have combined operations of capital and labor. As to the alleged inequality of operation...
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United States Reports: ... and Rules Announced at ...

United States. Supreme Court - Law reports, digests, etc - 1918 - 624 pages
...arising from corporate activities. As was said in Stratton's Independence v. Howbert, 231 US 399, 415: "Income may be defined as the gain derived from capital, from labor, or from both combined." Understanding the term in this natural and obvious sense, it cannot be said that a conversion of capital...
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