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Articles 1 - 4 of 4
Full-Text Articles in Taxation-State and Local
A Commerce Clause Challenge To New York's Tax Deduction For Investment In Its Own Tuition Savings Program, Amy Remus Scott
A Commerce Clause Challenge To New York's Tax Deduction For Investment In Its Own Tuition Savings Program, Amy Remus Scott
University of Michigan Journal of Law Reform
The Internal Revenue Code provides guidelines for states to create and maintain college tuition savings programs which offer federal tax benefits to investors. Several states have enacted tuition savings plans in accordance with these guidelines. In addition to the federal tax benefits allowed, New York offers a state tax deduction to New York residents who invest in its plan, the New York College Choice Tuition Savings Program. New York does not offer the deduction, however, to residents who invest in comparable programs offered by other states. The tax deduction thus creates an incentive for residents to invest in the in-state …
Personal Property-United States Savings Bonds--Effect Of Registration In Co-Ownership Or Beneficiary Form As A Transfer Of A Property Interest Therein, Walter L. Dean
Michigan Law Review
In two recent cases, decedents purchased United States Savings Bonds registered in the name of the purchaser and another person which were never delivered to the named co-owner but remained in the possession of the purchaser until his death. In the first case, on appeal from an order of the district court refusing to impose an inheritance tax on the bonds after the death of the purchaser, held, reversed. Mere purchase of the bonds and their registration in the names of the co-owners without delivery transferred no interest to the co-owners during the life of the purchaser and is …
Taxation-State Tax On Shares Of National Bank-Preferred Shares Held By Reconstruction Finance Corporation
Michigan Law Review
The Reconstruction Finance Corporation owned the entire issue of preferred stock of plaintiff bank The state statute putting a tax on stock of national banks was amended to allow the bank to be taxed directly and pass the tax on to its shareholders. A federal statute permitted states to tax, subject to certain limitations, all shares of national banking associations whose principal place of business was within the state. In a proceeding by the bank for the benefit of the Reconstruction Finance Corporation as well as itself to protest the collection of the tax, it was held that the shares …
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Michigan Law Review
A Pennsylvania statute imposed a tax on the shares of trust companies, the companies to be primarily liable therefor and the value of the shares to be ascertained by adding together so much of the amount of capital stock paid in, surplus, and undivided profits as was not invested in the stock of corporations liable to pay to the Commonwealth a capital stock tax or tax on shares, or relieved from the payment of capital stock tax or tax on shares, and dividing the sum by the number of outstanding shares. The corporations so relieved were those exclusively engaged in …