...Trust Co. v. jSmietanka, 255 US 509, 518, has defined the meaning of the word " income " as follows : " Income may be defined as the gain derived from capital,...gained through a sale or conversion of capital assets." It can not be said that the proceeds of life insurance policies come within the meaning of the above...

...case. But in Eisner v. Macomber the court defined "income" for income tax purposes, as follows : * * * the gain derived from capital, from labor, or from...gained through a sale or conversion of capital assets * * *. We are unwilling to surmise that the court intended by this language, not necessary to its decision,...

...Profits on Sale of Stock or Bonds as Income.— The United States Supreme Court has defined "income" as, "The gain derived from capital, from labor, or from both combined, provid1 it be understood to include profits gained through sale or conversion of capital assets " Eisner...

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...businesses, commerce, or sales, or dealings in property," and the United States Supreme Court defines income as the "gain derived from capital, from labor, or from both combined." Doyle v. Mitchell Brothers Co., 247 US 179, 185, 38 Sup. Ct. 467, 469 (62 L. Ed. 105) and authority...

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...in its results to a manufacturing process, and is "business" within the Corporation Tax Law of 1909. Income may be defined as the gain derived from capital, from labor, or from both combined. In fixing the income by which the excise on conducting business should be measured, Congress has power...

...process and the transaction is indubitably "business" and the gains derived therefrom "income," for "income may be defined as the gain derived from capital, from labor, or from both combined, and here we have combined operations of capital and labor." The Court called attention to the alleged...