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Full-Text Articles in Law
Taxation - Income Tax - Interest On Condemnation Award As Capital Gain, John L. Rubsam
Taxation - Income Tax - Interest On Condemnation Award As Capital Gain, John L. Rubsam
Michigan Law Review
Petitioner's land was condemned by the city of New York and as compensation he was awarded a certain sum representing the value of the land and, in addition, a sum classified as "interest" to indemnify the petitioner for delay in payment of the award. The award so classified as "interest" was taxed as "ordinary income" by the commissioner of internal revenue. It was petitioner's contention that such sum denominated as "interest" should have been classed as a "capital gain" and not as "ordinary income." From an order of the board of tax appeals holding this sum "ordinary income," petitioner appealed. …
Constitutional Law - Taxation Of Salaries Of Judges Of The United States, Thomas K. Fisher
Constitutional Law - Taxation Of Salaries Of Judges Of The United States, Thomas K. Fisher
Michigan Law Review
The Revenue Act of 1932 provided that "In the case of Presidents of the United States and judges of courts' of the United States taking office after June 6, 1932, the compensation received as such shall be included in gross income; and all Acts fixing the compensation of such Presidents and judges are hereby amended accordingly." A United States circuit judge, appointed in 1933, was required to include in his tax return the amount of his salary, under the Revenue Act of 1936, which re-enacted the above provision. His claim for refund being rejected, the present suit was brought, and …
Trusts - Validity - Subject Matter - Profits To Be Acquired In The Future, Paul R. Trigg
Trusts - Validity - Subject Matter - Profits To Be Acquired In The Future, Paul R. Trigg
Michigan Law Review
The plaintiff contemplated trading in the stock market and in 1927 declared a trust of the proceeds of his stock trading for the year 1928 in favor of various members of his immediate family, agreeing to assume all losses personally and to distribute all profits equally among the beneficiaries after deducting a reasonable compensation for his services. At the expiration of the year 1928, plaintiff deducted $10,000 as compensation, which he reported in his tax return for that year, and credited the named beneficiaries with the remainder on his books, these amount being reported in their respective tax returns for …