Reports of the Tax Court of the United States, Volume 18U.S. Government Printing Office, 1953 - Law reports, digests, etc |
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Common terms and phrases
accrued adjustment agreed agreement amortization amount assets average base period Bank basis Bear Film beneficiary bonds brandy cash cent claimed COMMISSIONER OF INTERNAL common stock computed constructive average base contract corporation cost Court creditors death debt decedent decedent's December 31 deduction deficiency determined dividends Docket Edward D employees entitled estate tax excess profits tax expenses filed FINDINGS OF FACT fiscal follows gross estate gross income Hansen held hereinafter included income tax income tax return interest Internal Revenue Code invested issue January June lease liability loss Louis Halle ment mortgage Nicholas Worthington operation ordinary income paid parties partners partnership payment period net income peti petitioner petitioner's preferred stock prior production purchase purposes received referred refund respect respondent section 107 section 722 sell shares sold stipulated stockholders supra taxable taxpayer theatre thereof tion tioner transfer trust United wine
Popular passages
Page 603 - 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 484 - 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 671 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27 % per centum of the gross Income from the property during the taxable year, excluding from such gross Income an amount equal to any rents or royalties paid or Incurred by the taxpayer In respect of the property.
Page 84 - Deductions otherwise allowed by law not attributable to the operation of a trade or business regularly carried on by the taxpayer shall be allowed only to the extent of the amount of the gross income not derived from such trade or business...
Page 33 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 771 - Income received by estates of deceased persons during the period of administration or settlement of the estate; and (4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
Page 525 - ... 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 300 - 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 448 - No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.
Page 411 - We cannot too often reiterate that "taxation is not so much concerned with the refinements of title as it is with actual command over the property taxed— the actual benefit for which the tax is paid.