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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-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 …
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.