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U.S. Supreme Court

McFeely v. Commissioner, 296 U.S. 102 (1935)

McFeely v. Commissioner

No. 24

Argued October 24, 1935

Decided November 11, 1935*

296 U.S. 102

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE THIRD CIRCUIT

1. The meaning of the term "capital assets" defined in the Revenue Act of 1921, § 206(a)(6), as property "acquired and held" by the taxpayer for more than two years, was not changed by omission clubjuris

Page 296 U. S. 103

of the word "acquired" in the corresponding sections of the Acts of 1924, 1926, and 1928; that word in the earlier Act was surplusage. P. 296 U. S. 107.

2. In common understanding, to "hold" property is to own, it, and the length of time for which property has been "held" by its owner is computed from the date when he acquired it. P. 296 U. S. 107.

3. Property acquired from a decedent through intestacy or general bequest is acquired and "held" from the date of the death, rather than from the date of distribution. Construing § 101(c)(8), Revenue Act, 1928. P. 296 U. S. 107.