Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Internal Revenue Code (3)
- Internal Revenue Code of 1954 (2)
- Accumulated gain (1)
- Annuity (1)
- Aquilino v. United States (1)
-
- Article XIV exemption (1)
- Business purpose (1)
- Capital gain (1)
- Charitable foundation (1)
- Claim of right (1)
- Commissioner v. Glenshaw Glass Co. (1)
- Commissioner v. Marshman (1)
- Commissioner v. Wilcox (1)
- Death (1)
- Death benefit plan (1)
- Deferred compensation (1)
- Divorce property settlement (1)
- Doctrine of election (1)
- Double taxation (1)
- Eisner v. Macomber (1)
- Embezzlement (1)
- Estate tax (1)
- Federal tax lien (1)
- Foreclosure (1)
- Future payment (1)
- Gift (1)
- Government lien (1)
- Gross income (1)
- Installment basis (1)
- Inter vivos transfer (1)
Articles 1 - 9 of 9
Full-Text Articles in Law
Federal Estate Tax-Determination Of Marital Deduction In Community Property State When Surviving Spouse Elects To Take Under Decedent's Will, Jon E. Denney
Michigan Law Review
Decedent, a Texas resident, provided that if his wife elected to take under his will she would receive one-third of the total community property and one-third of his separate estate. The remaining two-thirds of decedent's total estate was devised in trust for the benefit of his children. The widow elected to take under the will, thereby allowing her interest in the community property to pass as provided in the will. The executors claimed a marital deduction for the one-third separate property passing to the widow. Since she received less under the will than the value of her relinquished community property, …
Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii
Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii
Michigan Law Review
Plaintiff, a first mortgagee, instituted a foreclosure proceeding joining the mortgagors, a second mortgagee, several judgment creditors, and the United States Government. The Government's lien had been recorded subsequently to the first mortgage but had attached prior to the accrual of various local real estate taxes. Plaintiff's motion for summary judgment, that the premises be sold free of the United States lien but subject to all local real property taxes, was granted. After reversal on appeal, the court again granted summary judgment and effected the same distribution, this time by directing that all local real property taxes be paid as …
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Michigan Law Review
This comment will examine the foregoing problem in light of several recent cases which have cast doubt on the presently conceived relationship between section 2035 and section 2040.
Taxation-Accounting Methods--Forfeiture Of Privilege Of Electing Installment Basis, Daniel R. Elliott Jr.
Taxation-Accounting Methods--Forfeiture Of Privilege Of Electing Installment Basis, Daniel R. Elliott Jr.
Michigan Law Review
During 1953, petitioner sold her farm and agreed to receive payment in yearly installments. Her 1953 income tax return, in which she elected to report the sale on the installment basis, was not filed until 1957. Respondent, the Commissioner of Internal Revenue, assessed a deficiency and included the entire gain from the transaction in petitioner's 1953 return. On the basis of previous Tax Court decisions, he contended that petitioner was not entitled to use the installment method because of her failure to file a timely return. Petitioner argued that neither the statute nor the regulations required a timely return as …
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Michigan Law Review
Upon decedent's death, his former employer made certain payments to the surviving widow under two voluntarily established benefit plans which were unfunded and non-qualified. The first of these arrangements, the death benefit plan, provided for three months' salary to be paid to an employee's widow, if the employee died before becoming eligible for retirement. The second, the deferred compensation plan, provided payment of a certain stated maximum to an employee's widow in sixty equal monthly installments. This was not a retirement program, however, since the employee himself would receive these payments if, and only if, he were ever to become …
Taxation-Federal Income Taxation-The Three-Party Sale And Lease-Back, Lawrence R. Velvel S.Ed.
Taxation-Federal Income Taxation-The Three-Party Sale And Lease-Back, Lawrence R. Velvel S.Ed.
Michigan Law Review
The so-called sale and lease-back device has long been the subject of judicial and governmental scrutiny. The Internal Revenue Service has recently decided to begin a more active campaign of enforcement against a certain three-party variation of the sale and lease-back device. The structure of this variation can be best understood by considering the following hypothetical situation.
Taxation--Federal Income Tax--Treatment Of Nondistributable Capital Gains Of Domestic Trust With Foreign Beneficiaries, William C. Brashares
Taxation--Federal Income Tax--Treatment Of Nondistributable Capital Gains Of Domestic Trust With Foreign Beneficiaries, William C. Brashares
Michigan Law Review
Taxpayer, trustee of a domestic inter vivos trust, sued for a refund of United States income taxes paid on nondistributable capital gains of the trust. Trustee claimed that since all the beneficiaries of the trust were United Kingdom residents, this income was tax-exempt under the United States-United Kingdom tax convention provision that a United Kingdom resident "shall be exempt from United States tax on gains from the sale or exchange of capital assets." On appeal by the United States from a district court judgment for the trustee, held, reversed. Although distributable gains are allowed the exemption, long term capital …
Embezzled Funds As Taxable Income: A Study In Judicial Footwork, Jerome B. Libin, George R. Haydon Jr.
Embezzled Funds As Taxable Income: A Study In Judicial Footwork, Jerome B. Libin, George R. Haydon Jr.
Michigan Law Review
The James case might not be worthy of extensive comment if its only significance rested on the decision that embezzled funds constitute taxable income in the year of misappropriation. But close analysis of the five separate opinions that were written indicates that James may have considerable significance beyond its precise holding.
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Michigan Law Review
Respondent taxpayer transferred stock to his former wife pursuant to a voluntary property settlement agreement incorporated in their divorce decree. As consideration for the securities conveyed, his wife released her rights to alimony, dower, and intestate succession under Delaware law. The Commissioner of Internal Revenue assessed as taxable gain the difference between the taxpayer's basis for the stock and its market value at the time of the transfer, but the Court of Claims ruled that the taxpayer realized no taxable gain from the transfer. On certiorari, held, reversed. The exchange was a taxable event in which the taxpayer received …