Towne v. Eisner

Towne v. Eisner
Supreme Court of the United States
Argued December 12, 1917 Decided January 7, 1918
Full case name	Towne v. Eisner, Collector of United States Internal Revenue for the Third District of the State of New York
Citations	245 U.S. 418 (more) 38 S. Ct. 158; 62 L. Ed. 372; 1918 U.S. LEXIS 2143; 1 U.S. Tax Cas. (CCH) P14; 3 A.F.T.R. (P-H) 2959
Court membership
Chief Justice Edward D. White Associate Justices Joseph McKenna · Oliver W. Holmes, Jr. William R. Day · Willis Van Devanter Mahlon Pitney · James C. McReynolds Louis Brandeis · John H. Clarke
Case opinions
Majority	Holmes, joined by White, Day, Van Devanter, Pitney, McReynolds, Brandeis, Clarke
Concurrence	McKenna

Towne v. Eisner, 245 U.S. 418 (1918), is a United States Supreme Court case in which the Court held that "a stock dividend based on accumulated profits was not 'income' within the true intent of the statute." Congress passed a new law in reaction to Towne v. Eisner, and as a result the case was soon overturned by the Supreme Court in Eisner v. Macomber.