Reports of the Tax Court of the United States, Volume 35U.S. Government Printing Office, 1961 - Taxation |
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Page 17
... benefit involved . The question of necessity must be resolved on a factual basis and depends upon the facts and circumstances in each particular case . [ Emphasis supplied . ] We agree with this conclusion . We are convinced , from our ...
... benefit involved . The question of necessity must be resolved on a factual basis and depends upon the facts and circumstances in each particular case . [ Emphasis supplied . ] We agree with this conclusion . We are convinced , from our ...
Page 37
... benefits of section 444 ( b ) ( 3 ) of the Internal Revenue Code of 1939 . Petitioner does not qualify and does not claim to qualify for a deter- mination of its average base period net income under either of para- graphs ( b ) ( 1 ) or ...
... benefits of section 444 ( b ) ( 3 ) of the Internal Revenue Code of 1939 . Petitioner does not qualify and does not claim to qualify for a deter- mination of its average base period net income under either of para- graphs ( b ) ( 1 ) or ...
Page 68
... benefit from it . " Robertson v . United States , 343 U.S. 711 , 714. A gift in the statutory sense , on the other hand , proceeds from a " detached and disin- terested generosity , " Commissioner v . LoBue , 351 U.S. 243 , 246 ; " out ...
... benefit from it . " Robertson v . United States , 343 U.S. 711 , 714. A gift in the statutory sense , on the other hand , proceeds from a " detached and disin- terested generosity , " Commissioner v . LoBue , 351 U.S. 243 , 246 ; " out ...
Page 69
... benefits described therein in excess of $ 5,000 to be treated as taxable income . Such was the view expressed in ... BENEFITS . ( b ) EMPLOYEES ' DEATH BENEFITS.— ( 1 ) GENERAL RULE . - Gross income does not include amounts received ...
... benefits described therein in excess of $ 5,000 to be treated as taxable income . Such was the view expressed in ... BENEFITS . ( b ) EMPLOYEES ' DEATH BENEFITS.— ( 1 ) GENERAL RULE . - Gross income does not include amounts received ...
Page 70
... benefit from these payments . Cf. Simpson v . United States , 261 F. 2d 497 ; Bausch's Estate v . Com- missioner , 186 F. 2d 313. Since the payments here involved were not made pursuant to any obligation or understanding nor pursuant to ...
... benefit from these payments . Cf. Simpson v . United States , 261 F. 2d 497 ; Bausch's Estate v . Com- missioner , 186 F. 2d 313. Since the payments here involved were not made pursuant to any obligation or understanding nor pursuant to ...
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Common terms and phrases
acquired Acuff agreed agreement allowed amount base period basis capital gain carryback cash cent claimed Cold Metal COMMISSIONER OF INTERNAL Company computed contends contract corporation cost Court Dairy Queen decedent decedent's December 29 December 31 deduction deficiency director of internal district director dividends Docket entitled excess profits tax expenses February 28 filed FINDINGS OF FACT follows gift Glenn Miller gross income held hereinafter included income tax return interest Internal Revenue Code issue January July June lease liability ment net income operating loss ordinary income paid parties partnership patent payment peti petitioner petitioner's prior production purchase purposes pursuant receipts received record record changer referred reported respect respondent determined respondent's Roy Acuff royalties sand and gravel sell shares sold statute stipulated stockholders supra taxable taxicab taxpayer thereof tion tioner trade or business transaction transfer trust United wife
Popular passages
Page 185 - capital assets' means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close .of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 4 - gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service * * * of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income...
Page 55 - ... (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom; except in case of a bona fide sale for an adequate and full consideration in money or money's worth.
Page 241 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 249 - ... (b) Sales of Realty and Casual Sales of Personalty. — In the case (1) of a casual sale or other casual disposition of personal property (other than property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year), for a price exceeding $1,000...
Page 220 - Losses," and subsections (a) and (c) of this section provide in pertinent part as follows: (a) General rule. There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
Page 372 - Indies, and which satisfies the following conditions: (1) if 95 percent or more of the gross income of such domestic corporation for the 3-year period immediately preceding the close of the taxable year (or for such part of such period...
Page 377 - INTEND. (1.) Where there is a contract to sell specific or ascertained goods, the property in them is transferred to the buyer at such time as the parties to the contract intend it to be transferred. (2.) For the purpose of ascertaining the intention of the parties, regard shall be had to the terms of the contract, the conduct of the parties, usages of trade and the circumstances of the case.
Page 515 - (a) There shall be allowed as a deduction (In lieu of the deduction for charitable, etc., contributions authorized by section 23 (n)) any part of the gross Income, without limitation, which pursuant to the terms of the will or deed creating the trust. Is during the taxable year...
Page 243 - Code and the regulations thereunder, a taxpayer who changes the method of accounting employed in keeping his books shall, before computing his income upon such new method for purposes of taxation, secure the consent of the Commissioner.