Reports of the Tax Court of the United States, Volume 22U.S. Government Printing Office, 1955 - Law reports, digests, etc |
From inside the book
Results 1-5 of 100
Page 63
... transfer to the corporation the franchise obtained by Crabtree ( half of which was said to have been assigned to O'Keefe ) , in exchange for stock of the corporation and one - half of the net profits , after income taxes , for a period ...
... transfer to the corporation the franchise obtained by Crabtree ( half of which was said to have been assigned to O'Keefe ) , in exchange for stock of the corporation and one - half of the net profits , after income taxes , for a period ...
Page 80
... transfer of the policies to the trustee effected a transfer of such interests . The trustee was substituted as the beneficiary of the policies for his estate , which had previously been the beneficiary . The trust declaration pro- vided ...
... transfer of the policies to the trustee effected a transfer of such interests . The trustee was substituted as the beneficiary of the policies for his estate , which had previously been the beneficiary . The trust declaration pro- vided ...
Page 112
... transfer of that amount to petitioner's capital account from the capi- tal account of the only partner who contributed initial capital to the partnership . Second , petitioner received taxable income as a result of the cancellation of ...
... transfer of that amount to petitioner's capital account from the capi- tal account of the only partner who contributed initial capital to the partnership . Second , petitioner received taxable income as a result of the cancellation of ...
Page 113
... transfer was only a bookkeeping entry , that is , no cash was transferred . In the present case a portion of the $ 12 , - 500 was paid in cash . In both cases the funds were transferred from one partner's capital account to another's ...
... transfer was only a bookkeeping entry , that is , no cash was transferred . In the present case a portion of the $ 12 , - 500 was paid in cash . In both cases the funds were transferred from one partner's capital account to another's ...
Page 138
... TRANSFER IN CONTEMPLATION OF DEATH - TRANSFER IN TRUST WITH RESERVATION OF LIFE ESTATE - SEC . 811 ( c ) ( 1 ) ( A ) , I. R. C. — A transfer in trust of a large part of the grantor's assets with a life estate retained by the grantor and ...
... TRANSFER IN CONTEMPLATION OF DEATH - TRANSFER IN TRUST WITH RESERVATION OF LIFE ESTATE - SEC . 811 ( c ) ( 1 ) ( A ) , I. R. C. — A transfer in trust of a large part of the grantor's assets with a life estate retained by the grantor and ...
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Common terms and phrases
acquired adjustment agreed agreement alimony amended amount assessment assets average base period bank Camp Wolters capital cash cent claims COMMISSIONER OF INTERNAL community property Company computed contract corporation cost Court decedent December 31 decree deduction deficiency depreciation determined distribution Docket earnings employees entitled excess profits tax expenses filed FINDINGS OF FACT follows funds gross income held hereinafter husband income tax income tax returns interest Internal Revenue Code inventory issue January June Lasky lease liability loans loss ment operation option ordinary income paid parties partnership payable payments period net income peti petitioner petitioner's policies prior purchase pursuant received refund rental reported respect respondent respondent's Royal Crown Cola section 722 Sergeant York shares sold SoRelle SoRelle's stipulated stockholders supra taxable taxpayer Texas thereof timber tion tioner Tommy Armour transfer trust United Warner Bros wife Willys
Popular passages
Page 650 - 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; traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Page 6 - 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 196 - Is divorced or legally separated from her husband under a decree of divorce or of separate maintenance, periodic payments (whether or not made at regular Intervals) received subsequent to such decree...
Page 457 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 394 - Amounts received under a life insurance contract paid by reason of the death of the insured, whether in a single sum or otherwise (but if such amounts are held by the insurer under an agreement to pay interest thereon, the interest payments shall be included in gross income) ; ART.
Page 832 - The basis upon which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in section 113 (b) for the purpose of determining the gain upon the sale or other disposition of such property.
Page 896 - No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.
Page 251 - 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 538 - ... in discharge of, a legal obligation which, because of the marital or family relationship, is imposed upon or incurred by such husband under such decree or under a written instrument incident to such divorce...
Page 453 - The amount of all items of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under section 41, any such amounts are to be properly accounted for as of a different period.