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<case id="50707" source="Oyez API" schema="simple-legal-case-xml-v1"><name>United States v. Mississippi Chemical Corporation</name><docketNumber>70-52</docketNumber><term>1971</term><court><name>Burger Court (1972-1975)</name><identifier>burger4</identifier><href>https://api.oyez.org/courts/burger4</href></court><parties><firstParty role="Petitioner">United States</firstParty><secondParty role="Respondent">Mississippi Chemical Corporation, Costal Chemical Corp</secondParty></parties><dates><date type="argued">1972-01-10</date><date type="decided">1972-03-06</date><date type="granted">1971-02-22</date></dates><citation><volume>405</volume><page>298</page><year>1972</year><href>https://api.oyez.org/case_citation/case_citation/14635</href><justia_url>https://supreme.justia.com/cases/federal/us/405/298/</justia_url></citation><jurisdiction>Writ of <i>certiorari</i></jurisdiction><facts><html><p>Mississippi Chemical Corp. and Costal Chemical Corp. were “cooperate associations” within the meaning of the Agricultural Marketing Act. The associations qualified for membership in a “bank for Cooperatives”, which allowed them to borrow money. The Farm Credit Act of 1955 required that the associations buy Class “C” stocks valued at $100. The associations claimed a $99 interest deduction on their taxes for every stock purchased. When the Internal Revenue Service disallowed the deduction, the associations paid the deficiency and then sued for a refund. The district court found for the associations and the U.S. Court of Appeals for the Fifth Circuit affirmed.</p>
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</html><text>Mississippi Chemical Corp. and Costal Chemical Corp. were “cooperate associations” within the meaning of the Agricultural Marketing Act. The associations qualified for membership in a “bank for Cooperatives”, which allowed them to borrow money. The Farm Credit Act of 1955 required that the associations buy Class “C” stocks valued at $100. The associations claimed a $99 interest deduction on their taxes for every stock purchased. When the Internal Revenue Service disallowed the deduction, the associations paid the deficiency and then sued for a refund. The district court found for the associations and the U.S. Court of Appeals for the Fifth Circuit affirmed.</text></facts><questions /><conclusion><html><p>No. In a unanimous decision, Justice Thurgood Marshall wrote the majority opinion reversing the lower court and remanding. Looking at the legislative scheme involved, the Supreme Court held that the stock was a capitol asset with long-term value, so it was not deductible. Justice Harry A. Blackmun did not participate.</p>
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</html><text>No. In a unanimous decision, Justice Thurgood Marshall wrote the majority opinion reversing the lower court and remanding. Looking at the legislative scheme involved, the Supreme Court held that the stock was a capitol asset with long-term value, so it was not deductible. Justice Harry A. Blackmun did not participate.</text></conclusion><advocates><advocate for="for petitioner"><name>Matthew J. Zinn</name><href>https://api.oyez.org/people/matthew_j_zinn</href></advocate><advocate for="for respondents"><name>John C. Satterfield</name><href>https://api.oyez.org/people/john_c_satterfield</href></advocate></advocates><decisions><decision type="majority opinion" winning_party="United States"><description /><votes majority="8" minority=""><vote opinion_type="none" vote="majority" seniority="2"><justice>William O. Douglas</justice><justice_href>https://api.oyez.org/people/william_o_douglas</justice_href></vote><vote opinion_type="none" vote="majority" seniority="4"><justice>Potter Stewart</justice><justice_href>https://api.oyez.org/people/potter_stewart</justice_href></vote><vote opinion_type="majority" vote="majority" seniority="6"><justice>Thurgood Marshall</justice><justice_href>https://api.oyez.org/people/thurgood_marshall</justice_href></vote><vote opinion_type="none" vote="majority" seniority="3"><justice>William J. Brennan, Jr.</justice><justice_href>https://api.oyez.org/people/william_j_brennan_jr</justice_href></vote><vote opinion_type="none" vote="majority" seniority="5"><justice>Byron R. White</justice><justice_href>https://api.oyez.org/people/byron_r_white</justice_href></vote><vote opinion_type="none" vote="majority" seniority="1"><justice>Warren E. Burger</justice><justice_href>https://api.oyez.org/people/warren_e_burger</justice_href></vote><vote opinion_type="none" vote="none" seniority="7"><justice>Harry A. Blackmun</justice><justice_href>https://api.oyez.org/people/harry_a_blackmun</justice_href></vote><vote opinion_type="none" vote="majority" seniority="8"><justice>Lewis F. Powell, Jr.</justice><justice_href>https://api.oyez.org/people/lewis_f_powell_jr</justice_href></vote><vote opinion_type="none" vote="majority" seniority="9"><justice>William H. Rehnquist</justice><justice_href>https://api.oyez.org/people/william_h_rehnquist</justice_href></vote></votes></decision></decisions><source><href>https://api.oyez.org/cases/1971/70-52</href><raw_file>D:\PyCharm Community Edition 2024.3.1.1\PythonProject\IBM Z Datathon\json_data\api.oyez.org_cases_1971_70-52.json</raw_file></source></case> |
