Reports of the Tax Court of the United States, Volume 24U.S. Government Printing Office, 1956 - Law reports, digests, etc |
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Common terms and phrases
acquired agreement amount April assets bank base period basis Binkley bonds Bonney cash cent claimed collector of internal COMMISSIONER OF INTERNAL common stock Company computed corporation cost Court debt decedent December 31 deduction deficiency depreciation distribution dividend Docket estate tax excess profits excess profits tax exchange expenses fair market value filed FINDINGS OF FACT fiscal year ended Flamingo Hotel follows funds gift gift tax Gordon Macklin gross income held hereinafter income tax income tax return interest Internal Revenue Code issue Jack Rose July June June 30 liability Lincoln loan loss Macklin ment mortgage Motor Sales net income operation paid partners partnership payment peti petitioner petitioner's preferred stock prior proceeding purchase purposes received reorganization reported respect respondent's Romay royalty Rumsey Mfg section 112 shares sold Stemco Stiftung stipulated stockholders supra taxable taxpayer tion tioner transaction transferred trust trust instrument United wife
Popular passages
Page 366 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.
Page 509 - The allowance for depletion under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 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 359 - 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...
Page 415 - 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 366 - ... 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. Such allowance shall not exceed 50 per centum of the net Income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance under section 23 (m) be less than it would be If computed without reference to this paragraph.
Page 184 - ... with respect to which the decedent possessed at his death any of the incidents of ownership, exercisable either alone or in conjunction with any other person.
Page 516 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 354 - ... a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred, or (C) a recapitalization, or (D) a mere change in identity, form, or place of organization, however effected. (2) The term "a party to a reorganization...
Page 652 - 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 total profit realized or to be realized when the payment is completed, bears to the total contract price.
Page 385 - 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...