Reports of the Tax Court of the United States, Volume 11U.S. Government Printing Office, 1949 - Law reports, digests, etc Final issue of each volume includes table of cases reported in the volume. |
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Common terms and phrases
agreed agreement amended amount assets bank base period basis Bemidji beneficiaries Biddle bonds capital stock cash cent claimed COMMISSIONER OF INTERNAL common stock community property compensation computed contends contract corporation cost Court death decedent decedent's December 31 deduction deficiency determined disallowed distribution dividend Docket entitled estate tax excess profits tax executors expenses filed FINDINGS OF FACT follows gross income held included income tax income tax return interest Internal Revenue Code invested issue January John Wanamaker June June 30 liquidation loss manufacture ment Myers net income October operation opinion paid parties partner partnership payable payments pension peti petitioner petitioner's preferred stock prior purchase purpose question received resident respondent respondent's Revenue Act royalties salary section 711 shares Steubenville stipulated stockholders supra taxable taxpayer thereof tion tioner tract transfer trust trust instrument United victory tax Wanamaker wife
Popular passages
Page 913 - To the extent of any interest therein of which the decedent has at any time made a transfer, by trust or otherwise, 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...
Page 223 - 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 407 - 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; but in the case of an exchange by two or more persons this paragraph shall apply only if the amount of the stock and securities received by each is substantially in proportion to his interest in the property prior to the exchange.
Page 370 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 739 - ... the net income of 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...
Page 29 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 312 - ... 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...
Page 477 - Gross income" includes 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, 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...
Page 160 - 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 318 - ... 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 (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom ; except in case of a bona fide sale for an adequate and full consideration in money or money's...