The United States v. Emery, Bird, Thayer Realty Company case in 1914 revolved around the issue of taxation and property rights. The U.S government sued Emery, Bird, Thayer Realty Co., a corporation based in Missouri for unpaid taxes on land leased from an Indian tribe (the Osage Nation). The company argued that it was exempt from paying these taxes as per its lease agreement with the tribe which stated that no state or federal tax would be levied on the lands during their occupation by non-Indians. However, the Supreme Court ruled against them stating that while Congress had indeed given certain exemptions to encourage settlement of these lands by non-Indians; this did not include exemption from general taxation laws applicable to all citizens and corporations within U.S territory. Therefore, despite their lease agreement with the Osage Nation providing some protections against specific forms of taxation such as direct tribal or state levy; it did not protect them from general federal income tax obligations.

In the dissenting opinion for United States v. Emery, Bird, Thayer Realty Company, it was argued that the government did not have a valid claim to tax revenue from property sales made by corporations in liquidation. The dissenting justices contended that such transactions were not part of regular business operations and therefore should not be subject to taxation as income under existing laws. They further asserted that treating these sales as taxable income would unfairly penalize companies undergoing dissolution and could potentially discourage future corporate liquidations due to increased financial burden. This interpretation differed significantly from the majority's view which held that all gains realized by a corporation are taxable regardless of their source or nature.