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Constitutional Law - Retroactivity - Federal Stamp Tax On Profits Accruing From The Sale Of Silver Bullion, William J. Isaacson
Constitutional Law - Retroactivity - Federal Stamp Tax On Profits Accruing From The Sale Of Silver Bullion, William J. Isaacson
Michigan Law Review
Respondent purchased silver bullion on May 3, 1934, subsequently selling it on May 23 and 24. On the profits of this transaction he was required to pay a tax which he unsuccessfully attempted to have refunded. The Silver Purchase Act of June 19, 1934, imposed a fifty per cent tax consisting of stamps attached to the memorandum of sale on all profits arising from such transfers. The act further provided that the tax was to be applicable on all sales made on or after May 15, 1934. The court of claims upheld the respondent's contention that the act was unconstitutional …