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:
“To me heaven would be a big bull ring with me holding two barrera seats and a trout stream outside that no one else was allowed to fish in and two lovely houses in the town; one where I would have my wife and children and be monogamous and love them truly and well and the other where I would have my nine beautiful mistresses on nine different floors.”
—Ernest Hemingway (1899–1961)
“The best part of myself, that’s what you are. Do you think I’m going to leave it to the vulgar pawing of a second-rate detective who thinks you’re a “dame”? Do you think I could bear the thought of him holding you in his arms, kissing you, loving you?”
—Jay Dratler, U.S. screenwriter, Samuel Hoffenstein (1889–1947)
“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)