Reports of the Tax Court of the United States, Volume 25U.S. Government Printing Office, 1955 - Law reports, digests, etc |
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Common terms and phrases
acquired agreed agreement amount assets average base period Baird & Company bank basis beneficiary capital gain cash cent claimed collector of internal COMMISSIONER OF INTERNAL computing construction contract corporation cost Court death decedent decedent's December 31 deduction deficiency disallowed distribution dividends Docket earnings estate tax excess profits tax expenses Federal filed FINDINGS OF FACT follows gross income held hereinafter included income tax income tax returns Insulite interest Internal Revenue Code issue January January 31 liability loss manufacture ment net income operating ordinary income paid Palos Verdes parties partnership patents payable payment period net income peti petitioner petitioner's prior production purchase purpose pursuant received reported respect respondent determined respondent's section 722 sell shares Sheridan County sold statute stipulated stockholders supra taxable taxpayer testamentary trust Texarkana thereof tion tioner transfer trust wife yeast
Popular passages
Page 465 - 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 607 - ... exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals...
Page 465 - 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 660 - Where before the expiration of the time prescribed in section 275 for the assessment of the tax, both the Commissioner and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon. The period so agreed upon may be extended by subsequent agreements in writing made before the expiration of the period previously agreed upon.
Page 160 - To the extent of the amount receivable by all other beneficiaries as Insurance under policies...
Page 871 - This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns.
Page 617 - Where property is transferred for less than an adequate and full consideration in money or money's worth, then the amount by which the value of the property exceeded the value of the consideration shall be deemed a gift, and shall be included in computing the amount of gifts made during the calendar year.
Page 494 - To constitute receipt In such a case the income must be credited or set apart to the taxpayer without any substantial limitation or restriction as to the time or manner of payment or condition upon which payment is to be made, and must be made available to him so that it may be drawn at any time, and its receipt brought within his own control and disposition.
Page 467 - ... 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.
Page 89 - For the purposes of this subsection, the term "property used in the trade or business" means property used in the trade or business...