Please cite to the original publication
The long awaited decision of the United States Supreme Court in Eisner v. Macomber (1920) 40 Sup. Ct. 189, has aroused perhaps more interest than is merited by the actual decision, which is simply that dividends of a corporation declared by issuing its own stock are not income within the meaning of the Sixteenth Amendment. The flurry in the stock market caused by the erroneous report of the decision, the way in which the Court divided, and the criticism of the decision in Congress and elsewhere, coupled with the view that the Government must necessarily lose much revenue, have added to the general interest elicited by the case.
Date of Authorship for this Version
Eisener v. Macomber and Some Income Tax Problems, 29 Yale Law Journal 735 (1920)