Court Opinion

ID: 9418903
Source: CourtListenerOpinion
Date Created: 2023-08-02 22:42:53.0437+00
Date Added: 2024-06-11T08:05:10.365042
License: Public Domain

Me.. Justice McReynolds,
dissenting.
The judgment below, I think, is correct and should be affirmed. A well-considered opinion supports it.
*227The notion that Congress intended to tax the mere hope of recouping a loss sometime in the future should be definitely rejected.
To support the assertion that here the company collected interest, when in fact everything received was worth less than the sum loaned, requires resort to theory at war with patent facts. The Company got nothing out of which to pay the exactment; its assets were not augmented. Like imaginary “receipts” of interest often repeated and similarly burdened would hasten bankruptcy.
■ Divorced from reality taxation becomes sheer oppression.