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Articles 1 - 11 of 11
Full-Text Articles in Law
Basic Criteria For Distinguishing Revenue Charges From Capital Expenditures In Income Tax Computations, Abe L. Shugerman
Basic Criteria For Distinguishing Revenue Charges From Capital Expenditures In Income Tax Computations, Abe L. Shugerman
Michigan Law Review
In the sections that follow, every effort has been made to deduce the motivating philosophy behind the judicial decisions that have been rendered on this question. Courts, themselves, have never paused to prescribe any detailed criteria to be applied, but an examination of the opinions has revealed that consciously or unconsciously the courts have been moved by such basic criteria. Even though such criteria may not have been precisely designated, they have been present, they have been utilized, and interestingly enough, the courts have been amazingly consistent in their applications of these criteria.
Taxation-Income Tax-Deductions For Expenses Of Army Officer, Daniel A. Isaacson S.Ed.
Taxation-Income Tax-Deductions For Expenses Of Army Officer, Daniel A. Isaacson S.Ed.
Michigan Law Review
Respondent, having had experience as an executive of a large machine tool distributing company, went to Washington, D.C. in 1942 at the request of the Ordnance Department of the United States Army to assist in the efficient distribution of machine tools, serving in a civilian capacity without compensation. During the year, he was commissioned in the army, attaining the rank of Lieutenant Colonel, and was assigned to the Army & Navy Munitions Board as Ordnance Officer, in which capacity he had to keep in contact with manufacturers of production equipment as well as with various government agencies. In his income …
Taxation-Stock Dividends As Income, Joseph G. Egan S.Ed.
Taxation-Stock Dividends As Income, Joseph G. Egan S.Ed.
Michigan Law Review
X corporation had two classes of stock outstanding. The Class A stock was a preferred stock entitled to cumulative dividends and a liquidation preference. The Class B stock was a non-voting stock, entitled to an annual $2 dividend after payment of the dividend on the preferred. Both classes were entitled to participate equally (on a pro rata basis) in any dividends in excess of the two mentioned above. The corporation declared a stock dividend, entitling each Class A holder to one-half share of Class A stock for each share presently held, and each Class B holder to one-half share of …
Real Property-Tax Sales-Title Of Purchaser Of Land Subject To Easement, John J. Gaskell S.Ed.
Real Property-Tax Sales-Title Of Purchaser Of Land Subject To Easement, John J. Gaskell S.Ed.
Michigan Law Review
In an action to enforce a lien for taxes on real property, the defendants counterclaimed, asking for a declaratory judgment as to whether a sale of real property for nonpayment of taxes extinguishes an easement with which the property is burdened. The easement was appurtenant to an adjoining parcel of land. Held, an easement appurtenant is not extinguished by sale of the servient tenement for nonpayment of taxes. District of Columbia v. Capital Mortgage & Title Co., Inc., (D.C. Cir. 1949) 84 F. Supp. 788.
The Taxable Income Of Cooperatives, Roswell Magill, Allen H. Merrill
The Taxable Income Of Cooperatives, Roswell Magill, Allen H. Merrill
Michigan Law Review
This article is a study of the exemption in section 101(12) of "farmers', fruit growers', or like associations organized and operated on a cooperative basis"; and, in particular, of the taxability of the income of such corporations. The basic question is, What is the taxable income of a cooperative, in the absence of statutory exemption or exemption by administrative ruling? Do such business corporations have an income from their businesses which in these days of revenue stringency should be taxed as other business income must be taxed?
Some Problems In Federal Question Jurisdiction, George B. Fraser, Jr.
Some Problems In Federal Question Jurisdiction, George B. Fraser, Jr.
Michigan Law Review
Congress has given the federal district courts original and removal jurisdiction of all civil actions arising under the Constitution or laws of the United States, but the power of these courts to hear such cases has been restricted by the Supreme Court of the United States. The Supreme Court holds that the district courts have jurisdiction of a case if a federal question is raised in the complaint, but jurisdiction cannot be based on a federal question in the answer. This means that the district courts are closed to many cases that involve a substantial federal issue, while many cases …
Jensen: Cooperative Corporate Association Law-1950, William S. Barnes
Jensen: Cooperative Corporate Association Law-1950, William S. Barnes
Michigan Law Review
A review of COOPERATIVE CORPORATE ASSOCIATION LAW-1950. By A. Ladru Jensen and others.
Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed.
Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed.
Michigan Law Review
The stockholders of a closely held electric utility corporation offered to sell all the corporate stock to a cooperative competitor. The cooperative countered with an offer to buy a part of the corporation's physical assets. Hoping to avoid a heavy corporate capital gains tax, the stockholders caused the corporation to distribute to them in partial liquidation the property in question, and then executed the previously contemplated sale themselves. The commissioner assessed and collected a capital gains tax from the corporation which then sued and recovered the amount of the tax in the court of claims. On appeal, held, affirmed. …
Taxation--Income Tax-Effect Of Loss Carry--Back On Deficiency Assessment Interest Charges, William R. Worth S.Ed.
Taxation--Income Tax-Effect Of Loss Carry--Back On Deficiency Assessment Interest Charges, William R. Worth S.Ed.
Michigan Law Review
In 1943 the Commissioner of Internal Revenue assessed deficiencies against respondent taxpayer in its 1941 income and excess profits taxes, adding interest from the date the tax was properly due to the assessment date. The taxpayer suffered a net operating loss in 1943 sufficient to abate completely all tax liability for 1941. When application for a refund of the amount paid and abatement of the deficiency was made, however, the commissioner deducted the interest assessed from the amount to be returned, claiming that the liability to pay interest on the deficiency was still outstanding. The district court held for the …
Freedom From Uncertainty In Income Tax Exemptions, Maurice Finkelstein
Freedom From Uncertainty In Income Tax Exemptions, Maurice Finkelstein
Michigan Law Review
Exemptions from obligations to government are as old as Scripture. It is not strange, therefore, that the public interest in humane government should dictate numerous exemptions from the income tax levy, particularly when one considers that the income tax has long ceased to be simply a revenue producing vehicle. The regulation of inflation or deflation, the control of corporate financial structures, the distribution of wealth, all these and many other concern of government have entered into the formula of our income tax laws. The selection of those who are to be benefited by the tax exemption is, of course, made …
The Case Of The Forgotten Basis: An Admonition To Victims Of Internal Revenue Code Section 115(G), Richard Katcher
The Case Of The Forgotten Basis: An Admonition To Victims Of Internal Revenue Code Section 115(G), Richard Katcher
Michigan Law Review
It is the purpose of this article to explore the various means available to a victim of section 115(g) for recovering the basis of his cancelled stock and to examine the reasons that may be advanced in support of the conclusion that the victim should be allowed a capital loss deduction measured by the amount of the basis.