Law Commons^™

The Original Issue Discount Deduction In Bonds-For-Noncash Property Exchanges, Charles L. Almond

Vanderbilt Law Review

The first codification of the United States Internal Revenue laws gave a corporation a deduction from income of "[a]ll interest paid or accrued within the taxable year on its indebtedness. ...This same language is presently in force in the Internal Revenue Code of 1954. The statutory language authorizing the interest deduction has never dealt explicitly with the deductibility of discount arising upon a corporation's original issuance of bonds. Treasury Regulations promulgated pursuant to the interest deduction sections, however, have recognized continually that the statutory language embodies a deduction for original issue discount. 'The latest pre-1969 regulation, which limits itself to …

Recent Developments, Author Unidentified

Vanderbilt Law Review

The frequent criticism of the strict locality test as the sole determinant of admiralty jurisdiction resulted in the Supreme Court's requirement of a significant relationship with traditional maritime activity in Executive Jet. The Court's failure to give lucid guidance to later courts in applying the new requirement in non-aviation cases was partially remedied by the Fifth Circuit's implementation of the maritime-nexus test utilizing a factor analysis in Kelly. For those courts that follow Kelly, this new interpretation of the test will provide needed guidelines for determining when admiralty should properly exercise jurisdiction. The courts should not limit themselves, however, to …

Recent Cases, Author Unidentified

Vanderbilt Law Review

Civil Procedure--Service of Process--California Long-Arm Statutes Abrogate State's Immunity Doctrine

Seeking recovery of money owed him by defendant European corporations;' plaintiff brought suit in a California state court.While attending federal district court in Florida for the sole purpose of giving a deposition in a trademark infringement suit instituted by one of the corporations, defendants' representative was personally served with process in the California action on behalf of himself and the defendant corporations. Defendants moved to quash service of process on the ground that the immunity rule prohibited service of civil process upon a witness in attendance in a court outside …