Merchant’s Loan & Trust Co. v Smietanka 255 U.S. 509 (1921)
“It is obvious that these decisions in principle rule the case at bar if the word “income” has the same meaning in the Income Tax Act of 1913 that it had in the Corporation Excise Tax of 1909, and that it has the same scope of meaning was in effect decided in Southern Pacific Co. v Lowe 247 U.S. 330, 335, where it was assumed for the purposes of decision that there was no difference in its meaning as used in the act of 1909 and in the Income Tax Act of 1913. There can be no doubt that the word must be given the same meaning and content in the Income Tax Act of 1916 and 1917 that it had in the act of 1913. When to this we add that in Eisner v Macomber, supra, a case arising under the same Income Tax Act of 1916 which is here involved, the definition of “income” which was applied was adopted from Strattons’ Independence v Howbert, arising under the Corporation Excise Tax Act of 1909, with the addition that it should include “profit gained through sale or conversion of capital assets,” there would seem to be no room to doubt that the word must be given the same meaning in all the Income Tax Acts of Congress that was given to it in the Corporation Excise Tax Act, and that what that meaning is has now become definitely settled be decisions of this Court.”
So, taxable “income” means profit after costs and expenses are measured.
What is a person’s per hour worth?
God deposits 24 hours into each of our “life account” everyday. As free natural people we “own” this gift, and are completely liable for and in ownership of the results of how we choose to spend this gift of time.
There are only two rules.
1.You must spend it all. You cannot save a little for use later.
2.How ever you spend it tells your life story, which you “own”
To me, each moment of time in my lifespan is VERY precious. After all, once spent you can never get it back. If I spend my time studying, the knowledge I acquire is mine for as long as I can remember it, right? If I spend my time training, the skills I acquire are mine for as long as I can maintain them, right?
I understand that because “Natural Me” was born in modern America a commercial entity or [Social Security Number (SSN)] was created and laid over “Natural Me” as an interface between “Natural Me” and the artificial world of commercial law. This situation was never properly explained to me. I was told that I could not survive without this entity. Nothing could be farther from the truth. I will now begin to refer to this entity as “Commercial Me”.
“Commercial Me”‘being governed by the UCC, is in the business of reselling the “Natural time” owned entirely by “Natural Me” as a gift from God.
“Natural Me”’s time on earth is priceless and totally incalculable in material equivalence. However, within a free market society a standard cost can be reached by finding the current market price for the “Natural Time” of similarly trained natural persons. In my case, a Chiropractor, similar to a lawyer, “Natural Me”’s time trades for about $300.00 per hour.
So “Commercial Me” starts each business transaction with an up front cost of $300.00 per “natural hour” to hire out “Natural Me”. Any revenue “Commercial Me” can generate above the cost of goods sold should be considered “income” and reported as directed in the 16th Amendment.
Sadly, “Commercial Me” has yet to make any income.
“Natural Me” is answerable only to God and according to the Constitution of the united States of America, cannot be compelled to ask permission of, or answer to, any person or group of persons (government) without due process of the law.
Dr. Darrel Drumright
see my account on selfgrowth.com