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Taxation - Federal Income Tax - Punitive Damages And Recovered "Insider's Profits" Taxable As Income, Alice Austin S.Ed.
Taxation - Federal Income Tax - Punitive Damages And Recovered "Insider's Profits" Taxable As Income, Alice Austin S.Ed.
Michigan Law Review
In previous litigation one of the defendant taxpayers received punitive damages for fraud practiced upon it and both received treble damages for injuries to business caused by conduct in violation of the federal antitrust laws. The court of appeals affirmed the Tax Court's rulings that these receipts were not taxable as gross income. On certiorari to the Supreme Court, held, reversed. Money received as punitive awards is includible in gross income under section 22 (a), I.R.C. (1939). Commissioner v. Glenshaw Glass Co. and William Goldman Theatres, Inc., 348 U.S. 426, 75 S.Ct. 473 (1955).
Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed.
Securities Legislation - Fraud Of Corporation Officers As Violation Of Securities And Exchange Act Of 1934, Douglas Peck S.Ed.
Michigan Law Review
The plaintiffs brought a stockholders' derivative suit in a federal district court, claiming that defendant directors had violated section 10 (b) of the Securities and Exchange Act of 1934 and rule X-10B-5 of the Securities and Exchange Commission. It was alleged that defendants who controlled as majority of the capital stock of the Algoma Coal and Coke Co., had purchased for the Algoma Company stock in two other corporations which they had formed and had manipulated the affairs of the Algoma Company so that business profits were diverted to those other corporations, thereby securing profits to themselves at the expense …
Criminal Law- False Pretenses - Partner Fraudulently Obtaining Partnership Funds, Paul R. Haerle
Criminal Law- False Pretenses - Partner Fraudulently Obtaining Partnership Funds, Paul R. Haerle
Michigan Law Review
Defendant and another were equal partners in a used car business. Defendant took in an automobile, paying for it with his own funds. Representing that he had paid more than he actually had, he induced his partner to write him a check drawn on the partnership account. Defendant was indicted for obtaining half of the excess by false pretenses. The district court directed a verdict of acquittal. On appeal by the state, held, affirmed, three justices dissenting. A partner cannot be guilty of obtaining by false pretenses from the partnership; the statute in question specifies that it must be …