Eisner
v. Macomber (1920)
“Thus, from every point of
view we are brought
irresistibly to the conclusion that neither under the Sixteenth Amendment nor otherwise has Congress power to tax without apportionment a
true stock dividend made lawfully and in good faith, or the accumulated profits behind it, as income of the stockholder.”
Eisner v.
Macomber, 252 U.S. 189, 219 (1920)
