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JARECKI v. G. D. SEARLE & CO.

No. 151.

367 U.S. 303 (1961)

JARECKI, FORMER COLLECTOR OF INTERNAL REVENUE, ET AL. v. G. D. SEARLE & CO.

Supreme Court of United States.

Decided June 12, 1961.

Attorney(s) appearing for the Case

Wayne G. Barnett argued the cause for petitioners in No. 151 and for respondent in No. 169. With him on the briefs were former Solicitor General Rankin, Solicitor General Cox, Assistant Attorneys General Rice and Oberdorfer, Acting Assistant Attorneys General Sellers and Heffron, Harry Marselli and Norman H. Wolfe.

Isaac M. Barnett argued the cause for petitioner in No. 169. With him on the brief was David Saperstein.

Walter J. Cummings, Jr. argued the cause for respondent in No. 151. With him on the brief was Edwin C. Austin.

MR. CHIEF JUSTICE WARREN delivered the opinion of the Court.

These cases present problems in the interpretation of § 456 (a) of the Internal Revenue Code of 1939, a section of the Excess Profits Tax Act of 1950, 64 Stat. 1137. The Act, which is intended to tax at high rates unusually high profits earned during the Korean War, imposes a tax on profits in excess of an amount deemed to represent the taxpayer's normal profits...

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