In the case of United States v. Fidelity Trust Company, the U.S. Supreme Court ruled on a dispute involving inheritance tax law in 1911. The issue at hand was whether or not Pennsylvania's state inheritance tax could be applied to stocks owned by a deceased resident but held by an out-of-state trust company (Fidelity Trust). The court determined that since the decedent had transferred ownership of his stocks to Fidelity prior to his death, they were no longer part of his estate and thus not subject to Pennsylvania's inheritance tax laws. This decision clarified how property held in trusts should be treated for taxation purposes and established precedent for future cases regarding interstate taxation issues.

In the dissenting opinion for United States v. Fidelity Trust Company, Justice Holmes argued that the majority's interpretation of the Sherman Act was too broad and could potentially criminalize normal business activities. He contended that not all restraints on trade are illegal under this law; only those which unduly restrict competition should be considered so. Furthermore, he disagreed with the majority's view that a corporation cannot legally acquire and hold shares in other companies if it results in restraint of commerce or creation of monopoly power. According to him, such acquisitions can have legitimate purposes like saving a failing company or achieving economies of scale through consolidation. Therefore, they shouldn't be automatically deemed as violations unless there is clear evidence showing their anti-competitive effects or intentions behind them.