333 (1939)[1] was an important early United States income tax case.
The deficiency existed because the return preparer took a larger deduction from income for capital losses than was allowed by law.
The Board rejected the Service’s argument that this payment was income and stated that “[p]etitioner’s taxes were not paid for him by any person .
[3] The ultimate grounds for the decision in Clark, that the payment received by the taxpayer from his tax preparer was not "derived from capitol, from labor, or from both combined," is no longer good law.
See Commissioner v. Glenshaw Glass Co.[4] However, the holding in Clark does remain good law.