In Merchants Loan & Trust Co. v. Smietanka, 255 U.S. 509 (1921), the high Court defined “income” to mean the profit or gain derived from corporate activities. In that instance, the tax is a lawful excise tax imposed upon the corporate privilege of limited liability, i.e. the liabilities of a corporation do not reach its officers, employees, directors or stockholders. The only lawful objects of the income tax are for activities for which you are paid by the federal government or a federal agency that are connected with the performance of the functions of a public office, a federal instrumentality, federally chartered state worker, or paid officer of a federal corporation...
Posted on: Sat, 28 Jun 2014 05:58:17 +0000
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