U.S. Supreme Court TAFT v. BOWERS, 278 U.S. 470 (1929)

[Page 278 U.S. 470, 484]

There is nothing in the Constitution which lends support to the theory that gain actually resulting from the increased value of capital can be treated as taxable income in the hands of the recipient only so far as the increase occurred while he owned the property. And Irwin v. Gavit, 268 U.S. 161, 167, 45 S. Ct. 475, is to the contrary.

The judgment below is affirmed.

The CHIEF JUSTICE took no part in the consideration or decision of these causes.