United States v. Kirby Lumber Co.
United States Supreme Court
284 U.S. 1 (1931)
- Written by Sara Rhee, JD
Facts
In July 1923, Kirby Lumber Company (Kirby Lumber) (plaintiff) issued bonds in the amount of $12,126,800. Later that year, Kirby Lumber bought some of its bonds back for less than their original value. Ultimately, Kirby Lumber saved $137,521.30. The lower court found this amount to be taxable income.
Rule of Law
Issue
Holding and Reasoning (Holmes, J.)
What to do next…
Here's why 805,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.