Impact
This case is significant for all taxpaying individuals, even in today’s world, because the court articulated a “claim of right” doctrine. This doctrine generally states that when a taxpayer receives income for which they have a “claim of right” it is then included as income in that year, when that “claim of right” is established. Later, if it turns out that the taxpayer must return the income, then the taxpayer will generally be entitled to take a deduction for the returned amount.
Read more about this topic: North American Oil Consolidated V. Burnet
Famous quotes containing the word impact:
“One can describe a landscape in many different words and sentences, but one would not normally cut up a picture of a landscape and rearrange it in different patterns in order to describe it in different ways. Because a photograph is not composed of discrete units strung out in a linear row of meaningful pieces, we do not understand it by looking at one element after another in a set sequence. The photograph is understood in one act of seeing; it is perceived in a gestalt.”
—Joshua Meyrowitz, U.S. educator, media critic. “The Blurring of Public and Private Behaviors,” No Sense of Place: The Impact of Electronic Media on Social Behavior, Oxford University Press (1985)
“Too many existing classrooms for young children have this overriding goal: To get the children ready for first grade. This goal is unworthy. It is hurtful. This goal has had the most distorting impact on five-year-olds. It causes kindergartens to be merely the handmaidens of first grade.... Kindergarten teachers cannot look at their own children and plan for their present needs as five-year-olds.”
—James L. Hymes, Jr. (20th century)
“Television does not dominate or insist, as movies do. It is not sensational, but taken for granted. Insistence would destroy it, for its message is so dire that it relies on being the background drone that counters silence. For most of us, it is something turned on and off as we would the light. It is a service, not a luxury or a thing of choice.”
—David Thomson, U.S. film historian. America in the Dark: The Impact of Hollywood Films on American Culture, ch. 8, William Morrow (1977)