Law Commons^™

Income Tax—Extorted Funds Held Taxable Income, Jerome D. Adner

Buffalo Law Review

Rutlin v. United States, 343 U. S. 130 (1952).

Transferee Liability--A Capital Loss, William T. Lively Jr.

West Virginia Law Review

No abstract provided.

Taxation-Collection And Enforcement-Action Against Collector Of Internal Revenue Not The Proper Method Of Removing Federal Tax Liens, John Houck S.Ed.

Michigan Law Review

Plaintiff's property was under a federal tax lien. He brought suit in the district court against the Collector of Internal Revenue, alleging fraudulent issuance of the lien and seeking removal and damages occasioned by the cloud on his title. The collector moved to dismiss on the grounds that no claim was stated upon which relief could be granted, and further, that the collector was not the proper party defendant, while the United States, which had not been joined, was indispensable to the proceeding. Held, petition dismissed. The court found no indication of fraud, but even assuming fraud to exist, …

Taxation Of Interstate Commerce, L. A. S.

West Virginia Law Review

No abstract provided.

Taxation-Federal Income Tax-Deductibility Of Contributions To Profit-Sharing Trusts, W. H. Bates S.Ed.

Michigan Law Review

Plaintiff corporation set up a profit sharing trust for the benefit of its employees as authorized under section 165(a) of the Internal Revenue Code. The plan for the trust, as approved by the Treasury, provided that plaintiff should contribute annually an amount equal to 15 % of net income, as defined, not to exceed 15% of basic salary or wages of all eligible participating employees. For the tax year 1944 plaintiff claimed deductions under section 23(p)(1)(C) for an amount equal to 15% of the total participating payroll, which is actually the allowable maximum, but which in this case exceeded 15% …

Refunds In Connection With Transferee Liability: A Legislative Proposal, Henry D. Collins

West Virginia Law Review

No abstract provided.

Taxation-Federal Income Tax-Sale Of Goodwill Treated As Sale Of A Capital Asset, David F. Ulmer S.Ed.

Michigan Law Review

Plaintiffs were partners in a wholesale produce business which was well established and had a large goodwill value in the area. Plaintiffs sold the whole business, including goodwill, to another produce dealer, with a specific portion of the sale price being allocated to the sale of the goodwill. Included in the sale contract was an agreement by the sellers not to compete with the purchaser for a certain number of years, but it was understood by the parties that none of the sale price was given in consideration of this agreement. Plaintiffs returned the amount received from the sale of …

Judicial Interpretation Of The Ordinary And Necessary Clause Of The Internal Revenue Code, L. A. S.

West Virginia Law Review

No abstract provided.

Taxation-Federal Income Tax-Exempt Corporations-Statutory Interpretation, Patrick J. Ledwidge

Michigan Law Review

Plaintiff corporation was organized in 1947 by physicians who had formerly maintained a clinic for the practice of medicine as a partnership. The articles of incorporation provided that there should be no capital stock and no dividends, and stated that plaintiff was organized as a non-profit corporation for the purpose of providing medical treatment and hospitalization to sick and injured persons without regard to ability to pay therefor, and of providing such other incidental charitable services as the "trustees" of the corporation should prescribe. Pursuant to its by-laws, plaintiff paid such annual salaries to its member physicians as the trustees, …

Book Reviews, Robert J. Lynn (Reviewer), William J. Bowe (Reviewer), Samuel J. Foosaner (Reviewer), Stanley D. Ross (Reviewer)

Vanderbilt Law Review

Handbook on the Law of Future Interests

By Lewis M. Simes

St.Paul, West Publishing Co., 1951. Pp. xv, 495. $8.00

reviewer: Robert J. Lynn

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Tax Savings in Real Estate Transactions

Prepared by Bureau of Analysis, Davenport, Iowa. Chicago: Published under auspices of National Institute of Real Estate Brokers of the National Association of Real Estate Boards, 1951. Pp. 98. $5.00

reviewer: William J. Bowe

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Income Tax Treatment of Life Insurance proceeds and other Tax Articles

By William J. Bowe

Nashville: Vanderbilt University Press,1951. Pp. 90. $2.10

reviewer: Samuel J. Foosaner

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Justice According to Law

By Roscoe Pound …

Federal Prosecution Of Income Tax Cases, William Schwerdtfeger

Kentucky Law Journal

No abstract provided.

Commentary On General Relief Under The Excess Profits Tax Act Of 1950, Thomas N. Tarleau

Michigan Law Review

Analysis of an excess profits tax involves inquiries which are essentially foreign to the concepts of ordinary income taxation. The question of excess profits arises only after taxable income has been defined and characterized, its recipients determined and the time of receipt established. The problem is to divide taxable income into two components, one representing the corporation's normal profits, which it is permitted to enjoy free of the penalty tax, and the balance which is deemed to be "profits due to the outbreak of hostilities and to large military expenditures." Under the Excess Profits Tax Act of 1950, as was …

Discharge Of Corporate Indebtedness At Less Than Face Value Under The Internal Revenue Code, Harvey Mahlig

Cleveland State Law Review

Prior to 1939 whenever a corporation paid less than the face amount of an obligation in full satisfaction thereof, taxable income was realized to the extent of the difference. In 1939 paragraph (9) was added to Section 22 (b) of the InternalRevenue Code. Therein it was provided that there should not be included in the taxable income of a corporation the amount of income attributable to the discharge of any indebtedness as evidenced by a security, provided at the time of such discharge the corporation was in an unsound financial condition. In orderto obtain the relief provided, the corporation had …

Taxation; Deductibility Of Corporate Contributions To A Group Annuity Policy And An Employee's Trust, Daniel R. Mccarthy

Cleveland State Law Review

Discussion of Lincoln Electric Company v. Commissioner of Internal Revenue, 17 Tax Court 1600 (1952): The petitioner, a manufacturing company, paid the sum of $575,206.43 into a retirement annuity policy for its employees and contributed the sum of $1,000,000.00 to an employees' trust. Held: Such payments constituted ordinary and necessary business expenses and were deductible under section 23 (a) (1)(A) of the Internal Revenue Code.

Basis For Depreciation In Income Taxes, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

Income Tax: Oil And Gas Leases As Capital Assets, James Daniel Cornette

Kentucky Law Journal

No abstract provided.