Louis Brandeis

“ It is contended that the first waiver, even if valid, did not operate to extend the period for the assessment of war profits as distinguished from income taxes. The argument is based on the reference in the waiver, which was prepared by the Commissioner, to 'all Federal taxes imposed by the Act of Congress, approved September 8, 1916, as amended by the Act of Congress, approved October 3, 1917,' and it is contended that the war profits tax was a separate enactment, not an amendment to the 1916 act, and hence not included within the waiver. ”

“ The Revenue Act of November 23, 1921, c. 136, § 250 (d) , 42 Stat. 227, 265, provides a five-year period of limitation for the assessment and collection of income and excess profits taxes under earlier Revenue Acts. The five years from the filing of the return expired March 30, 1923. In order to sustain the validity of the assessment and the right of collection, it was necessary to establish a waiver effective March 12, 1925, the date of the jeopardy assessment. ”

“ The Commissioner's determination was affirmed by the Board, 10 B. T. A. 553; and its decision was affirmed by the Circuit Court of Appeals for the Eighth Circuit, 35 F. (2d) 620. This Court granted a petition for certiorari, the argument to be 'limited to the questions concerning the validity and effect of the waivers,' 281 U.S. 713, 50 S.C.t. ”