Holding
The U.S. Supreme Court affirmed the Circuit Court of Appeals. The 1916 profits were taxable income to North American Oil in 1917 when the District Court determined that the company had a claim of right to the profits, even though litigation was ongoing at that time.
Read more about this topic: North American Oil Consolidated V. Burnet
Famous quotes containing the word holding:
“The child hand raised to reach the holding hand. Hold the old holding hand. Hold and be held.”
—Samuel Beckett (1906–1989)
“... Washington was not only an important capital. It was a city of fear. Below that glittering and delightful surface there is another story, that of underpaid Government clerks, men and women holding desperately to work that some political pull may at any moment take from them. A city of men in office and clutching that office, and a city of struggle which the country never suspects.”
—Mary Roberts Rinehart (1876–1958)
“What a large volume of adventures may be grasped within this little span of life by him who interests his heart in every thing, and who, having eyes to see, what time and chance are perpetually holding out to him as he journeyeth on his way, misses nothing he can fairly lay his hands on.”
—Laurence Sterne (1713–1768)