Tags: Case, Legal Case, Supreme Court Of The United States Case, Unit Of Work.
Arrowsmith v. Commissioner 344 U.S. 6 (1952) is a United States Supreme Court case regarding taxation. The case involves taxpayers who liquidated a corporation in 1937. The taxpayers (properly) reported the income from the liquidation as long-term capital gains thus obtaining a preferential tax rate. Subsequent to the liquidation in 1944 the taxpayers were required to pay a judgment arising from the affairs of the liquidated corporation.