Holding
The Supreme Court ruled that under section 22(a) of the Internal Revenue Code of 1939 and section 61(a) of the Internal Revenue Code of 1954, the receipt of embezzled funds was includable in the gross income of the wrongdoer and was taxable to the wrongdoer, even though the wrongdoer had an obligation to return the funds to the rightful owner.
Read more about this topic: James V. United States (1961)
Famous quotes containing the word holding:
“For support, I fall back on my heart. Has a man any fault a woman cannot weave with and try to change into something better, if the god her man prays to is a mother holding a baby?”
—Haniel Long (1888–1956)
“Except that right side up is best, there is not much to learn about holding a baby. There are one hundred and fifty-two distinctly different ways—and all are right! At least all will do.”
—Heywood Broun (1888–1939)
“The child hand raised to reach the holding hand. Hold the old holding hand. Hold and be held.”
—Samuel Beckett (1906–1989)