Gray v. Darlington

Citations

• 82 U.S. 63
• 21 L. Ed. 45
• 15 Wall. 63
• 1872 U.S. LEXIS 1231

Syllabus

<p>The advance in the value of personal property during a series of years does not constitute the gains, profits, or income of any one particular year of the series, although the entire amount of the advance be at one time turned into money by a sale of the property. Accordingly, when bonds of the United States were sold by the owner, after being held by Min four years, at an advance of $20,000 over their cost to him-, it was held that this amount was not taxable as “gains, profits, or income ” of the owner for the year in which the sale was made, under the amendatory internal revenue act of March 2d, 1867.</p>