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Show CITES CONNECTICUT INCOP4E TAX CASE Numerous Inquiries have ree bed bureau of Internal Revenue relatl-to relatl-to the decision of United States J da -trlct Court of Connecticut in tin I Brewster case. In which It was held 1 that pains and profits realized from the sale of capital assets Is nof tax- lible Income, according to Information ! received bv David c. Dunbar, collector I of Internal revenue for tho district of I L'tah. The United States Attorney for Con-I Con-I nectlcut has been authorised to yer-fect yer-fect an appeal to the Supreme Court j of the United tSates for a review of I the decision. Since Congress, under i th provisions of the income tax Acts of IMS. HUG and 1918. has directed the taxation as im-ome of .such gains ami profits, the bureau Will continue to collect the tax thereon, unless and until the Supreme Court shall hold that provision of law to be unconsti-1 unconsti-1 tutlonal. The same Question Is Involved In i the Eldorado and Ilyerson cases which were argued In the Supreme court some weeks ago A decision In I theso cases undoubtedly will settle the ' peneral question. In view of toe se-j se-j vere penalties provided by law for ' false and fraudulent Income tax re-I re-I turn, taxpayers aro warned not to ! omit from their returns for the year 1 1920 BUCb pains and profit. |