Reports of the U.S. Board of Tax Appeals, Volume 7U.S. Government Printing Office, 1928 - Taxation |
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Page 11
... opinion that this was a loan and not a capital stock investment . We must hold , therefore , that the action of the Commissioner in excluding these debentures from invested capital was correct . In rendering this opinion , we are not ...
... opinion that this was a loan and not a capital stock investment . We must hold , therefore , that the action of the Commissioner in excluding these debentures from invested capital was correct . In rendering this opinion , we are not ...
Page 35
... OPINION . LITTLETON : The Board is unable to agree with petitioner's conten- tion that only one - fourth of the $ 75,000 received on January 5 , 1920 , in payment for his consent to the cancellation of his contract of em- ployment and ...
... OPINION . LITTLETON : The Board is unable to agree with petitioner's conten- tion that only one - fourth of the $ 75,000 received on January 5 , 1920 , in payment for his consent to the cancellation of his contract of em- ployment and ...
Page 51
... opinion as to value . His estimate of March 1 , 1913 , value of $ 10 per thousand feet for timber on Block 1 and $ 9 per thousand feet for timber on Block 2 was based not on an actual valuation by him of the timber of these tracts , but ...
... opinion as to value . His estimate of March 1 , 1913 , value of $ 10 per thousand feet for timber on Block 1 and $ 9 per thousand feet for timber on Block 2 was based not on an actual valuation by him of the timber of these tracts , but ...
Page 52
... opinion that the March 1 , 1913 , value of the timber on Block 1 was $ 11 per thousand and that of the timber on Block 2 was $ 10 , was given in response to questions that , in effect , were the same as those put to William P. Porter ...
... opinion that the March 1 , 1913 , value of the timber on Block 1 was $ 11 per thousand and that of the timber on Block 2 was $ 10 , was given in response to questions that , in effect , were the same as those put to William P. Porter ...
Page 58
... opinion in the Appeal of The Buss Co. , 2 B. T. A. 266 , we said : However faulty the taxpayer's inventory method was , we believe that greater weight should be given to consistency than to any particular method of inventorying or basis ...
... opinion in the Appeal of The Buss Co. , 2 B. T. A. 266 , we said : However faulty the taxpayer's inventory method was , we believe that greater weight should be given to consistency than to any particular method of inventorying or basis ...
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Common terms and phrases
acquired acres agreement alleged allowed amount Appeal assessment assets basis Board bonds Boyne City building calendar capital stock cash cent claimed coal COMMISSIONER OF INTERNAL common stock computing contract corporation cost Cotter Pin debts December 31 deduction from gross deficiency in income depreciation determined disallowed dividends Docket evidence executors expenses February 28 filed FINDINGS OF FACT fiscal year ended gross income held income-tax return installment interest INTERNAL REVENUE inventory invested capital issued January John Parrott June 16 June 30 land lease Lessee liability loss Lumber March Mastin mortgage net income notes operations opinion paid par value parties partnership payable payment period peti petitioner petitioner's preferred stock prior proceeding Promulgated June purchase real estate received redetermination respondent Revenue Act Rule 50 salaries shares sold statute stockholders taxable taxpayer thereof thereto timber tion tioner Trust Company White Company
Popular passages
Page 609 - That the tax imposed by sections 210 and 211 shall apply to the income of estates or of any kind of property held in trust...
Page 228 - taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the net income is computed under section 212 or 232. The term "fiscal year" means an accounting period of twelve months ending on the last day of any month other than December. The term "taxable year...
Page 177 - ... 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...
Page 177 - July seventeenth, nineteen hundred and sixteen; the compensation of the present President of the United States during the term for which he has been elected, and the judges of the Supreme and inferior courts of the United States now in office, and the compensation of all officers and employees of a State, or any political subdivision thereof, except when such compensation is paid by the United States Government.
Page 455 - ... (e) LOSSES BY INDIVIDUALS. — In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — if incurred in trade or business ; or if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 492 - ... that proportion of the installment payments actually received in that year which the total profit realized or to be realized when the payment is completed, bears to the total contract price.
Page 224 - ... factors, a reasonable allowance as compensation for the personal services actually rendered by the taxpayer, not in excess of 20 per centum of his share of the net profits of such trade or business, shall be considered as earned income.
Page 182 - Act of 1918, a tax equal to the sum of the following percentages of the value of the net estate (determined as provided in Section 403) is hereby imposed upon the transfer of the net estate of every decedent dying after the passage of this Act, whether a resident or nonresident of the United States : ******* "Sec.
Page 975 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Page 609 - ... there shall be allowed as an additional deduction in computing the net income of SESSION LAWS the estate or trust the amount of the income of the estate or trust for its taxable year which is properly paid or credited during such year to any legatee, heir or beneficiary.