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COMMISSIONER v. FISHER

No. 452.

327 U.S. 512 (1946)

COMMISSIONER OF INTERNAL REVENUE v. FISHER ET AL., EXECUTORS.

Supreme Court of United States.

Decided March 11, 1946.

Attorney(s) appearing for the Case

Walter J. Cummings, Jr. argued the cause for petitioner. With him on the brief were Solicitor General McGrath, Acting Assistant Attorney General Sewall Key, Robert N. Anderson and Hilbert P. Zarky.

R.M. O'Hara argued the cause for respondents. With him on the brief was Benjamin E. Jaffe.

MR. JUSTICE BLACK delivered the opinion of the Court.

In 1934 the Senior Investment Corporation, organized in 1929 by one Fisher and his wife for family investment purposes, distributed to Fisher 43,300 shares of General Motors stock valued at $1,723,881.25. Fisher and his wife made a joint tax return but did not report this amount as income. The taxpayers contended that since the Senior Investment Corporation showed a book deficit for 1934, the distribution in question...

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