Reports of the U.S. Board of Tax Appeals, Volume 45U.S. Government Printing Office, 1942 - Taxation |
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Common terms and phrases
accrued agreement amended amount assets basis beneficiary Board bonds capital stock cash claimed Coca-Cola Company COMMISSIONER OF INTERNAL common stock computing contends contract corporation corpus cost Court death debt decedent decedent's December December 28 December 31 decision deduction deficiency depreciation determined distribution Docket employees entitled excess excess profits tax exchange Executors fair market value filed FINDINGS OF FACT funds gain grantor gross income held Helvering included income tax income tax return interest INTERNAL REVENUE Investment issue January January 11 lease liability liquidation loans loss Lumber mortgage National Bank net income opinion par value payable payment percent peti petitioner petitioner's preferred stock principal prior purchase question Realty received refund respondent Revenue Act section 112 securities Settlor shares of stock sold statute stipulated stockholders supra taxpayer thereof tion tioner transaction transfer trust trust instrument wife
Popular passages
Page 194 - 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 550 - 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 479 - The amount so added to any tax shall be collected at the same time and in the same manner and as a part of the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount so added shall be collected In the same manner as the tax.
Page 188 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the 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 239 - ... not engaged in trade or business within the United States and not having an office or place of business therein, from sources within the United States as interest (except interest on deposits with persons carrying on the banking business), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable annual or periodical gains, profits, and income...
Page 140 - ... charitable contribution" deduction ; then such part of the income of the trust shall be included in computing the net income of the grantor.
Page 327 - Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 213 - 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 801 - INCOME. The net income of the estate or trust shall be computed in the same manner and on the same basis as in the case of an individual...
Page 396 - In cases where receivers, trustees in bankruptcy, or assignees are operating the property or business of corporations, such receivers, trustees, or assignees shall make returns for such corporations in the same manner and form as corporations are required to make returns.