Reports of the Tax Court of the United States, Volume 27U.S. Government Printing Office, 1957 - Taxation |
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Common terms and phrases
additional agreement amount application assets average base period basis capital gains carryback cash cent certiorari claim collector of internal COMMISSIONER OF INTERNAL Company computed constructive average base contract corporation cost Cowen Dealer decedent decedent's December 31 decision deduction deficiency disallowed distribution Docket earnings entitled excess profits credit excess profits tax expenses filed FINDINGS OF FACT fiscal follows gift tax gross income held hereinafter income tax income tax return interest Internal Revenue Code issue January joint return Kyron lease loss manufacture marital deduction ment Merkra October 31 operation paid parties partners partnership payment period net income peti petitioner petitioner's prior production profits net income purchased received respect respondent determined respondent's section 23 settlor shares South Bend Stanback statute stipulated stockholders supra tax return taxpayer thereof tion tioner trade or business trailers transfer trust trust instrument United wife
Popular passages
Page 296 - 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 412 - 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 457 - A corporation, trust, or community chest, fund, or foundation, created or organized In the United States or In any possession thereof or under the law of the United States, or of any State or Territory, or of the District of Columbia, or of any possession of the United States...
Page 395 - ... where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter, amend, or revoke, or where the decedent relinquished any such power in contemplation of his death.
Page 208 - Every patent or any interest therein shall be assignable in law by an instrument in writing, and the patentee or his assigns or legal representatives may in like manner grant and convey an exclusive right under his patent to the whole or any specified part of the United States.
Page 824 - PROPERTY USED IN THE TRADE OR BUSINESS. — For the purposes of this subsection, the term "property used in the trade or business" means property used in the trade or business...
Page 68 - 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 67 - That every fiduciary (except a receiver appointed by authority of law in possession of part only of the property of an individual) shall make under oath a return for any of the following individuals, estates, or trusts for which he acts, stating specifically the items of gross income thereof and the deductions and credits allowed under this title...
Page 139 - INCOME.] [In computing net income there shall be allowed as deductions:] (e) Losses by Individuals.— In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — (1) if incurred in trade or business; or (2) if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 673 - ... intended to take effect in possession or enjoyment at or after his death, or of which he has at any time made a transfer, by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death...