Reports of the Tax Court of the United States, Volume 23U.S. Government Printing Office, 1956 - Law reports, digests, etc |
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Results 1-5 of 100
Page 43
... deduction and disallowed the deduction claimed to the extent of $ 218,617.51 . OPINION . BRUCE , Judge : Petitioner contends that the property over which decedent's widow had a general power of appointment qualifies for the marital ...
... deduction and disallowed the deduction claimed to the extent of $ 218,617.51 . OPINION . BRUCE , Judge : Petitioner contends that the property over which decedent's widow had a general power of appointment qualifies for the marital ...
Page 45
... deduction , the interest received by the sur- viving spouse qualifies for the marital deduction because there was substantial compliance with the provisions of section 812 ( e ) ( 1 ) ( F ) . That subsection is an exception to the ...
... deduction , the interest received by the sur- viving spouse qualifies for the marital deduction because there was substantial compliance with the provisions of section 812 ( e ) ( 1 ) ( F ) . That subsection is an exception to the ...
Page 46
... deduction is not allowable . Estate of Louis B. Hoffenberg , 22 T. C. 1185. See also Burrell Groves , Inc. , 22 T. C. 1134. In order to qualify for the deduction the petitioner must bring itself squarely within the terms of the statute ...
... deduction is not allowable . Estate of Louis B. Hoffenberg , 22 T. C. 1185. See also Burrell Groves , Inc. , 22 T. C. 1134. In order to qualify for the deduction the petitioner must bring itself squarely within the terms of the statute ...
Page 47
... deduction of an undivided interest in a single trust , if the matter had been brought to its attention when it passed the Revenue Act of 1948 adding section 812 ( e ) ( 1 ) ( F ) to the Code . The Commissioner , however , in his ...
... deduction of an undivided interest in a single trust , if the matter had been brought to its attention when it passed the Revenue Act of 1948 adding section 812 ( e ) ( 1 ) ( F ) to the Code . The Commissioner , however , in his ...
Page 62
... deducted on its income tax returns , and was allowed as a deduction for the year 1939 , the amount of $ 20,462 in respect of the capital stock tax for the year ended June 30 , 1940 . Petitioner showed in its capital stock tax return for ...
... deducted on its income tax returns , and was allowed as a deduction for the year 1939 , the amount of $ 20,462 in respect of the capital stock tax for the year ended June 30 , 1940 . Petitioner showed in its capital stock tax return for ...
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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.