''Bowers v. Kerbaugh-Empire Co.'', 271 U.S. 170 (1926), was a case in which the

United States Supreme Court The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that involve a point o ...

held that no taxable income arose from the repayment in

German mark The Deutsche Mark (; English: ''German mark''), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until the adoption of the euro in 2002. In English, it was ...

s of loans that had originally been made in U.S. dollars, despite the fact that the marks had gone down in value relative to the dollar since the loan had been made. This decision was narrowed by the court six years later in '' United States v. Kirby Lumber Co.''.

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* * United States Supreme Court cases United States Supreme Court cases of the Taft Court United States Sixteenth Amendment case law 1926 in United States case law Foreign exchange market Germany–United States relations {{Tax-stub

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