Reports of the U.S. Board of Tax Appeals, Volume 14U.S. Government Printing Office, 1930 - Taxation |
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Common terms and phrases
acquired advertising agreed agreement alleged amount assessment assets assigned Bank basis Board bonds capital stock cash cent claimed clients COMMISSIONER OF INTERNAL computed contract corporation cost decedent December 17 December 31 deduction depreciation determined directors disallowed dividends Docket Dominion Oil Company entered under Rule evidence executors expenses fair market value filed FINDINGS OF FACT follows held hereby Higginson Higginson & Co included income and profits income-tax returns interest INTERNAL REVENUE inventory invested capital issued January lease liability loan Manufacturing March Margaret Kahn ment net income November 13 Old Dominion Oil operation opinion paid par value partners partnership patent payment Peavy-Byrnes peti petitioner petitioner's Port Wentworth preferred stock prior proceeding profits taxes purchase question received redetermination represented respondent Revenue Act salary Savannah River Lumber Seasongood second party sold stockholders taxable taxpayer thereof tion tioner transaction transfer trust voting trust
Popular passages
Page 788 - 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 580 - That in computing net income there shall be allowed as deductions: (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 50 - The value of the gross estate of the decedent shall be determined by including the value at the time of his death...
Page 672 - No assessment of a deficiency in respect of the tax imposed by this title and no distraint or proceeding in court for its collection shall be made, begun, or prosecuted until such notice has been mailed to the taxpayer, nor until the expiration of such ninety-day period, nor, if a petition has been filed with the Board, until the decision of the Board has become final.
Page 314 - Any transfer of a material part of his property in the nature of a final disposition or distribution thereof, made by the decedent within two years prior to his death without such consideration, shall, unless shown to the contrary, be deemed to have been made in contemplation of death within the meaning of this title.
Page 246 - personal service corporation" means a corporation whose income is to be ascribed primarily to the activities of the principal owners or stockholders who are themselves regularly engaged in the active conduct of the affairs of the corporation and in which capital (whether invested or borrowed) is not a material income-producing factor...
Page 616 - 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 534 - Sec 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions: • (1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business...
Page 132 - ... (c) To the extent of any Interest therein of which the decedent has at any time made a transfer, or with respect to which he has at any time created « trust, in contemplation of or intended to take effect In possession or enjoyment at or after his death (whether such transfer or trust is made or created before or after the passage of this Act), except in case of a bona fide sale for a fair consideration in money or money's worth.
Page 295 - This subdivision shall not apply to any case (1) in which the tax (computed without benefit of this section) is high merely because the corporation earned within the taxable year a high rate of profit upon a normal invested capital...