Reports of the Tax Court of the United States, Volume 23U.S. Government Printing Office, 1956 - Taxation |
Other editions - View all
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 Dahar Cury decedent decedent's December December 31 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 gross income held included income tax income tax return interest Internal Revenue Code inventory issue January January 31 lease liability loss McBride ment mortgage October operation option ordinary income paid parties partnership payment period net income peti petitioner petitioner's policies prior purchase purposes pursuant received record rental respondent determined respondent's Rule 50 section 722 shares sold stipulated stockholders supra taxable taxpayer tion tioner tract trade or business transferred trust wife
Popular passages
Page 924 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities In such corporation, and immediately after the exchange such person or persons are in control of the corporation...
Page 754 - 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 180 - ... property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of 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) of property used in the trade or business...
Page 460 - Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business — (1) Definition of property used in the trade or business. For the purposes of this subsection, the term "property used In the trade or business...
Page 194 - If in the case of any taxpayer, the Commissioner determines that there is a deficiency in respect of the tax imposed by this title, the Commissioner is authorized to send notice of such deficiency to the taxpayer by registered mail.
Page 195 - ... even if such taxpayer is deceased, or is under a legal disability, or. in the case of a corporation, has terminated its existence.
Page 82 - Income includes periodic payments (whether or not made at regular Intervals) received after such decree In discharge of (or attributable to property transferred, In trust or otherwise, In discharge of) a legal obligation which, because of the marital or family relationship...
Page 10 - Upon the adjudication of bankruptcy of any taxpayer in any bankruptcy proceeding or the appointment of a receiver for any taxpayer in any receivership proceeding before any court of the United States or of any State or Territory or of the District of Columbia, any deficiency (together with all interest, additional amounts, or additions to the tax provided for by law...
Page 546 - 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 537 - ... and income derived from salaries, wages, or compensation for personal service ... of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; 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.