Reports of the Tax Court of the United States, Volume 23U.S. Government Printing Office, 1956 - Law reports, digests, etc |
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Page 12
... amount and validity of a deficiency for which claim is filed but has authorized , following the close of the bankruptcy proceedings and without further proceedings in the Tax Court or elsewhere , the im- mediate collection of any unpaid ...
... amount and validity of a deficiency for which claim is filed but has authorized , following the close of the bankruptcy proceedings and without further proceedings in the Tax Court or elsewhere , the im- mediate collection of any unpaid ...
Page 18
... amount representing normal earnings , and there is still no relief under section 722 unless the excess profits credit , based upon the con- structive average base period net income which is established , is greater than the excess ...
... amount representing normal earnings , and there is still no relief under section 722 unless the excess profits credit , based upon the con- structive average base period net income which is established , is greater than the excess ...
Page 32
... amount due . Meanwhile , Reid had acquired an interest in the corporation , as already noted , and it was recognized that it would be improper to issue additional stock to Daggitt without is- suing a proportionate amount to Reid ...
... amount due . Meanwhile , Reid had acquired an interest in the corporation , as already noted , and it was recognized that it would be improper to issue additional stock to Daggitt without is- suing a proportionate amount to Reid ...
Page 52
... amount of $ 854,015.90 , representing the surplus of Louisiana at July 31 , 1929 , was transferred to petitioner , which company set it up as a part of its common stock account . In the reorganization , the common stockholders of ...
... amount of $ 854,015.90 , representing the surplus of Louisiana at July 31 , 1929 , was transferred to petitioner , which company set it up as a part of its common stock account . In the reorganization , the common stockholders of ...
Page 62
... amount of $ 30,250 on $ 27,500,000 elective declared value of capital stock at the effective rate of $ 1.10 per each full $ 1,000 of declared value . Petitioner deducted on its income tax returns , and was allowed as a deduction for the ...
... amount of $ 30,250 on $ 27,500,000 elective declared value of capital stock at the effective rate of $ 1.10 per each full $ 1,000 of declared value . Petitioner deducted on its income tax returns , and was allowed as a deduction for the ...
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Common terms and phrases
agreement alimony amount assets average base period basis capital gain cash cent certiorari claimed collector of internal COMMISSIONER OF INTERNAL computing contract corporation cost Court Cury's Dahar Cury decedent decedent's December decree deduction deficiency distribution dividend Docket earnings estate tax excess profits tax expenses fair market value farm Feagans Federal Housing Administration filed FINDINGS OF FACT fiscal year ended follows Ford Motor Company Greenspon gross income held included income tax income tax return interest Internal Revenue Code inventory issue January January 31 lease liability loss McBride ment Morgoil mortgage October operation option ordinary income paid partnership payment period net income peti petitioner petitioner's policies prior purchase purposes pursuant received record rental respondent determined respondent's Rule 50 section 117 section 23 shares sold stipulated stockholders supra taxable taxpayer tion tioner trade or business transferred trust wife
Popular passages
Page 536 - 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 142 - 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 413 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 575 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of Improvements, accordIng to the peculiar conditions in each case...
Page 148 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 576 - Includes not merely the extraction of the ores or minerals from the ground but also the ordinary treatment processes normally applied by mine owners or operators In order to obtain the commercially marketable mineral product or products...
Page 671 - Capital losses. Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections 1211 and 1212.
Page 191 - ... even if such taxpayer is deceased, or is under a legal disability, or. in the case of a corporation, has terminated its existence.
Page 527 - ... also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.
Page 415 - ... (B) as paid-in surplus or as a contribution to capital, then the basis shall be the same as It would be In the hands of the transferor. Increased In the amount of gain or decreased In the amount of loss recognized to the transferor upon such transfer under the law applicable to the year In which the transfer was made.