DeGanay v. Lederer

Citations

• 250 U.S. 376
• 39 S. Ct. 524
• 63 L. Ed. 1042
• 1919 U.S. LEXIS 1758
• 3 A.F.T.R. (P-H) 3007
• 1 U.S. Tax Cas. (CCH) 26

Syllabus

<p>Stocks and bonds issued by domestic corporations, and mortgages secured on domestic real estate, were owned by an alien nonresident but were in the hands of an agent in this country, empowered to sell, assign and transfer any of them and to invest and reinvest the proceeds as it might deem best in the management of the business affairs of the owner. Held, that the income was subject to tax under the Income Tax Law of October 3, 1913, c. 16, § II, A, subdiv. 1, 38 Stat. 166, as income from “property owned ... in the - United States by persons residing elsewhere.” P. 380.</p> <p>Bonds, mortgages and certificates of stock are ordinarily regarded as “property”; and that term is presumed to have been used in the statute with its ordinary sense, nothing to the contrary appearing. id.</p> <p>It is well settled that such property may have a situs for taxation at a« place other than the owner’s domicile. P. 381.</p>