Law Commons^™

Taxation, T. Baldwin Martin Jr.

Mercer Law Review

The pivot point of tax legislation by the 195 1 General Assembly consists of the Georgia Retailers' and Consumers' Sales and Use Tax Act.

Radiating from this hub were repeal of nuisance taxes, rededication to the principle of ever-increasing corporate taxation, reduction of excise levies on bulk sales of malt beverages, reduction of motor fuel taxes, permanent driver's licenses, and cut rates for combined hunting and fishing licenses. In addition and in keeping with governmental self perpetuation, it brought into existence the Agricultural Commodities Authority, presented the State Revenue Commissioner with a deputy, while at the same time giving the …

Constitutional Law--Import-Export Clause--Validity Of A State Gross Receipts Tax On Common Carriers Transporting Imports And Exports, Roger D. Anderson S.Ed.

Michigan Law Review

The State of Maryland levied a nondiscriminatory gross receipts tax on revenues of common carriers operating within the state, apportioned on the basis of trackage within Maryland to trackage everywhere. Petitioners, who are common carriers operating within Maryland, objected to this tax to the extent that it constituted a tax on gross receipts derived from transporting imports and exports on the grounds that it violated the import-export clause. The court of appeals of Maryland declared the tax valid. On appeal, held, affirmed. Where the tax is on an activity connected with the import or export of goods, rather than …

Effects Of Taxation On Corporate Mergers, By J. Keith Butters, John Linter, And William L. Cary, Kenneth Foster

Indiana Law Journal

No abstract provided.

What You Should Know About Estate And Gift Taxes, By J.K. Lasser, Phillip Z. Leighton

Indiana Law Journal

No abstract provided.

Constitutional Law-Commerce Clause-State Taxation Of Interstate Commerce, William H. Bates

Michigan Law Review

Appellant, a Missouri corporation, was domiciled in Illinois and engaged in interstate trucking of commodities to and from Connecticut. The appellant had twenty-seven employees, office equipment, pick-up trucks and two terminals within Connecticut. Approximately one-third to one-half of appellant's business originated in Connecticut, but a very small percentage of the total mileage traveled by its trucks lay within the state. Appellant was not engaged in intrastate commerce, nor had it been authorized to transact such business. Under the Connecticut Corporation Business Tax Act of 1935 appellant was assessed for taxes and penalties. The statute imposed a franchise tax upon certain …

Tax Consequences Of Contributions To Corporations To Induce Favorable Location, Rita Brandt

William and Mary Review of Virginia Law

No abstract provided.

Taxation-Income Tax-Taxability Of Payments Made To Widows Of Deceased Employees, Douglas L. Mann S.Ed.

Michigan Law Review

Payments were made by an employer to the widow of a deceased employee in consideration of services rendered by the employee. Held, the payments were includible in the widow's gross income for federal income tax purposes. I.T. 4027, Int. Rev. Bul., Oct. 16, 1950, 2, 505 CCH ¶6208.

Conflict Of Laws—Right To Bring Action Based On A Tax Or Revenue Statute In A Sister State, Alvin M. Glick

Buffalo Law Review

Wayne County v. American Steel Export Co., 277 App. Div. 585, 101 N.Y. S. 2d 522 (1st Dept. 1950).

Taxation-Percentage Depletion Allowance On Income Received From The Reworking Of Dumps And Tailings Deposits, Charles Horning

Michigan Law Review

A dump of waste material and low-grade ore resulted from mining operations by a lessee in the American Mine. London Extension owned an undivided one-half interest in the claims which made up the mine. In 1940 London acquired the lease on the property. Chicago Mines, a wholly-owned subsidiary of London, then took a lease on the dump, agreeing to pay to London a royalty of twenty per cent of the net smelter returns. Chicago worked the dump for a few months, after which it was worked by London. In filing its income tax return for the year, Chicago claimed a …

Taxation-Percentage Depletion Allowance On Income Received From The Reworking Of Dumps And Tailings Deposits, Charles Horning

Michigan Law Review

A dump of waste material and low-grade ore resulted from mining operations by a lessee in the American Mine. London Extension owned an undivided one-half interest in the claims which made up the mine. In 1940 London acquired the lease on the property. Chicago Mines, a wholly-owned subsidiary of London, then took a lease on the dump, agreeing to pay to London a royalty of twenty per cent of the net smelter returns. Chicago worked the dump for a few months, after which it was worked by London. In filing its income tax return for the year, Chicago claimed a …

Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: Ii, L. Hart Wright

Michigan Law Review

Introductory note. That some matters relating to the particular consideration received by a debtor on incurring an obligation would affect the applicability of the Kirby case to a saving derived by him from a subsequent cancellation or other bargain discharge was one of the first propositions settled by the Supreme Court. For the Kirby case itself justified the earlier immunity which had been granted the apparently solvent Kerbaugh-Empire Company on the ground that the funds which the latter had borrowed were lost in the venture for which its loan had been procured.

Taxation-Immunity Of Federal Bonds To State Taxation, Lenamyra Saulson

Michigan Law Review

A New Jersey statute imposed a tax on domestic stock insurance corporations on the value of intangible property exclusive of tax-exempt property but required an assessment against all intangible property of not less than fifteen per cent of capital and surplus in excess of liabilities. In conformity with this statute, a tax was imposed on the appellant, a domestic stock insurance corporation, of fifteen per cent of the entire net worth, without deduction of the principal amount of tax-exempt United States bonds and accrued interest thereon. The appellant appealed to the United States Supreme Court on the ground that the …

Gifts For The Benefit Of Minors, Austin Fleming

Michigan Law Review

Primarily because of tax incentives, lifetime gifts have become increasingly popular in recent years among persons of wealth. Until the Revenue Act of 1948, such gifts were frequently made between spouses. But the tax advantages of interspousal gifts were greatly lessened by the split-income privilege and the marital deduction, and a new inducement was given to gifts to third persons by the establishment of the right to treat such gifts as being one half from each spouse. As a result, gifts to children and grandchildren have taken on new prominence.

Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright

Michigan Law Review

Treasury regulations bearing on the tax consequence of a cancellation, modification, or bargain purchase of one's outstanding indebtedness date back to those issued in connection with the Revenue Act of 1918. Thirteen years elapsed after their issuance before the Supreme Court in 1931 finally approved, at least with respect to the bargain purchase with which it was concerned, the principal which the regulations incorporated, namely, that the savings effected by such debtors could, as a constitutional as well as a statutory matter, involve the realization of taxable income. Competing interpretations of that decision, the government insisting on a sweeping application …

Taxation Of Royalties Received By The Employed Inventor

Indiana Law Journal

No abstract provided.

Valuation Of Closely-Held Stock For Federal Tax Purposes: Approach To An Objective Method, Joseph O'Meara, Lyle R. Johnson, Eli Shapiro

Journal Articles

The present double-standard approach to the valuation problem discriminates against owners of closely-held stock, that is, corporate shares which have no public market. The disparity of treatment is traceable to the unfortunate fact that, whereas actual sales or bona fide bid and asked prices govern the valuation for federal tax purposes of listed stocks and of unlisted stocks which "are dealt in through brokers or have a market," the criteria employed in valuing closely-held stock are predominantly subjective. This makes a paradise for "experts" but they seldom agree and few, if any, of their assumptions and conclusions are anything more …

Taxation-The Lincoln Electric Question: Must "Ordinary And Necessary" Business Expenses Be Also "Reasonable" In Amount, R. Lawrence Storms S. Ed.

Michigan Law Review

The United States Court of Appeals for the Sixth Circuit has recently determined in Commissioner v. Lincoln Electric Co. that the element of reasonableness is inherent in the phrase "ordinary and necessary" as used in the paragraph of the Internal Revenue Code authorizing deductions for business expenses. It will be of interest to develop the history of the case throughout its ten years of litigation, to examine some of the collateral points raised, and to attempt a critique of the merits of the court's position.

Tax Statutes-The Role Of Stare Decisis In Determining "Legislative Intent", Paul E. Anderson S. Ed.

Michigan Law Review

An interesting case history recently unfolded by the Supreme Court reveals a novel application of stare decisis to decisions which interpret an act of Congress. The peregrinations of the Court have caused Congress to intervene on two occasions to settle the questions opened by the Court-although on the second occurrence the Court construed the act precisely as had Congress when it decried the Court's first interpretation. This imbroglio issued from the Revenue Act of 1918 under which Congress provided that transfers "intended to take effect in possession or enjoyment at or after his death" should be included in the donor's …