Bowers v. Kerbaugh-Empire Co.

Bowers v. Kerbaugh-Empire Co., 271 U.S. 170 (1926), was a case in which the United States Supreme Court held that no taxable income arose from the repayment in German marks of loans that had originally been made in U.S. dollars, despite the fact that the marks had gone down in value relative to the dollar since the loan had been made.

Bowers v. Kerbaugh-Empire Co.
Argued January 25, 1926
Decided May 3, 1926
Full case nameBowers, Collector of Internal Revenue v. Kerbaugh-Empire Company
Citations271 U.S. 170 (more)
46 S. Ct. 449; 70 L. Ed. 886; 1926 U.S. LEXIS 615; 1 U.S. Tax Cas. (CCH) ¶ 174; 5 A.F.T.R. (P-H) 6014; 1926 P.H. P1865
Case history
PriorKerbaugh-Empire Co. v. Bowers, 300 F. 938 (S.D.N.Y. 1924)
Holding
No taxable income arose from the repayment in German marks of loans that had originally been made in U.S. dollars, despite the fact that the marks had gone down in value relative to the dollar since the loan had been made.
Court membership
Chief Justice
William H. Taft
Associate Justices
Oliver W. Holmes Jr. · Willis Van Devanter
James C. McReynolds · Louis Brandeis
George Sutherland · Pierce Butler
Edward T. Sanford · Harlan F. Stone
Case opinions
MajorityButler, joined by Taft, Holmes, Van Devanter, McReynolds, Sutherland, Sanford, Stone
ConcurrenceBrandeis
Laws applied
U.S. Const. amend. XVI

This decision was narrowed by the court six years later in United States v. Kirby Lumber Co..

See also


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