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:
“Golf is a fine relief from the tensions of office, but we are a little tired of holding the bag.”
—Adlai Stevenson (1900–1965)
“The slogan offers a counterweight to the general dispersion of thought by holding it fast to a single, utterly succinct and unforgettable expression, one which usually inspires men to immediate action. It abolishes reflection: the slogan does not argue, it asserts and commands.”
—Johan Huizinga (1872–1945)
“One more crack from you, bimbo, and you’ll be holding a lily.”
—James Gleason (1886–1959)