Burnet v. Sanford & Brooks Co.
1931 United States Supreme Court case
| Burnet v. Sanford & Brooks Co. | |
|---|---|
 | |
| Argued December 5, 8, 1930 Decided January 5, 1931 | |
| Full case name | Burnet, Commissioner of Internal Revenue, v. Sanford & Brooks Co. |
| Citations | 282 U.S. 359 (more) 51 S. Ct. 150; 75 L. Ed. 383; 1931 U.S. LEXIS 7; 2 U.S. Tax Cas. (CCH) ¶ 636; 9 A.F.T.R. (P-H) 603; 1931-1 C.B. 363; 1931 P.H. P389 |
| Case history | |
| Prior | Sanford & Brooks Co. v. Commissioner, 11 B.T.A. 452 (1928); reversed, 35 F.2d 312 (4th Cir. 1929); cert. granted, 281 U.S. 707 (1930). |
| Holding | |
| An annual accounting system is a practical necessity if the federal income tax is to produce revenue ascertainable and payable at regular intervals. | |
| Court membership | |
| |
| Case opinion | |
| Majority | Stone, joined by unanimous |
| Laws applied | |
Burnet v. Sanford & Brooks Co., 282 U.S. 359 (1931), was a case heard before the United States Supreme Court dealing with accounting for purposes of federal income tax and the Sixteenth Amendment to the United States Constitution. The case held that an annual accounting system is a practical necessity if the federal income tax is to produce revenue ascertainable and payable at regular intervals.[1]
The case was decided at a time when losses could not be carried forward to future years. Since 2018, Section 172 of the Internal Revenue Code now generally allows a taxpayer to use net operating losses from previous years to deduct up to 80% of income for a given year.[2]
References
External links
Works related to Burnet v. Sanford & Brooks Company at Wikisource- Text of Burnet v. Sanford & Brooks Co., 282 U.S. 359 (1931) is available from: CourtListener Findlaw Google Scholar Justia Library of Congress
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United States Sixteenth Amendment case law
- Brushaber v. Union Pacific Railroad (1916)
- Stanton v. Baltic Mining Company (1916)
- Tyee Realty Co. v. Anderson (1916)
- Stratton's Independence, Ltd. v. Howbert (1913)
- Towne v. Eisner (1918)
- Eisner v. Macomber (1920)
- Bowers v. Kerbaugh-Empire Co. (1926)
- Moore v. United States (2024)
corporate dividends
- Lynch v. Turrish (1918)
- Southern Pacific Co. v. Lowe (1918)
- Lynch v. Hornby (1918)
- Peabody v. Eisner (1918)
- Eisner v. Macomber (1920)
- United States v. Phellis (1921)
- Rockefeller v. United States (1921)
- Merchants' Loan & Trust v. Smietanka (1921)
- Miles v. Safe Deposit Co. (1922)
- Cullinan v. Walker (1923)
- Weiss v. Stearn (1924)
- Marr v. United States (1925)
- Koshland v. Helvering (1936)
- Helvering v. Gowran (1937)
corporate earnings
- Edwards v. Cuba Railroad (1925)
- Burk-Waggoner Assoc. v. Hopkins (1925)
- Texas & Pacific Railway Co. v. United States (1932)
- Continental Tie & Lumber Co. v. United States (1932)
- Helvering v. Mitchell (1938)
- Helvering v. National Grocery (1938)
- Helvering v. Northwest Steel Mills (1940)
- Crane-Johnson Co. v. Helvering (1940)
- Commissioner v. Glenshaw Glass Co. (1955)
- General American Investors Co. v. Commissioner (1955)
- Commissioner v. Gillette Motor Co. (1960)
- Goodrich v. Edwards (1921)
- Walsh v. Brewster (1921)
- Taft v. Bowers (1929)
- Lucas v. Alexander (1929)
- Burnet v. Harmel (1932)
- United States v. Safety Car Heating Co. (1936)
- Helvering v. Bruun (1940)
- Helvering v. Horst (1940)
- Crane v. Commissioner (1947)
- United States v. Davis (1962)
- Commissioner v. Tufts (1983)
- United States v. Sullivan (1927)
- Rutkin v. United States (1952)
- Commissioner v. Sullivan (1958)
- James v. United States (1961)
and exemptions
- Brushaber v. Union Pacific Railroad (1915)
- Burnet v. Sanford & Brooks Co. (1931)
- McLaughlin v. Alliance Ins. Co. (1932)
- Helvering v. Independent Life Ins. Co. (1934)
- Helvering v. Winmill (1938)
- Millinery Corp. v. Commissioner (1956)
- Tank Truck Rentals v. Commissioner (1958)
- Hoover Express Co. v. United States (1958)
- Cammarano v. United States (1959)
- United States v. General Dynamics Corp. (1987)
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