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Articles 1 - 15 of 15
Full-Text Articles in Law
Taxation - Federal Income Tax - Secret Withdrawals Of Corporate Receipts By Stockholders As Income In Absence Of Surplus, Kenneth H. Haynie S.Ed.
Taxation - Federal Income Tax - Secret Withdrawals Of Corporate Receipts By Stockholders As Income In Absence Of Surplus, Kenneth H. Haynie S.Ed.
Michigan Law Review
As sole stockholder of the Robbins Tire and Rubber Company, the defendant managed and controlled the affairs of the corporation. Over a period of years he intercepted the company's receipts from several of its large customers and diverted them to his own use. No entries of such receipts were made on the books of the company, nor was any tax paid on them. Defendant was convicted for attempted evasion of his personal income tax on these funds. On appeal, held, affirmed. Taxation is concerned with actual command over property: If does not matter whether defendant got the funds as …
Federal Income Taxation Of Subdivided Realty-The Impact Of Section 1237 On Capital Asset Characterization
Indiana Law Journal
No abstract provided.
Taxations: Marital Deduction For Life Estates, Richard G. Birmingham
Taxations: Marital Deduction For Life Estates, Richard G. Birmingham
Buffalo Law Review
Estate of Edward F. Pipe v. Comm 'r, 23 T. C. No. 14 (Oct. 22, 1954).
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Michigan Law Review
An automobile agency, as a means of publicizing its new models, advertised that it would give a new car to one of the persons visiting its showroom on a certain day. When plaintiff visited the showroom on the day specified, an employee of the agency took her name, wrote it on a slip of paper, and deposited it in a barrel. Plaintiff's name was drawn from the barrel and she received the automobile. Plaintiff did not include the value of the prize in computing her gross income for tax purposes, and a deficiency was assessed against her. Unsuccessful in her …
Taxation - Federal Income Tax - Damages For Injury To Business As Return Of Capital Or Income, Eric Bergsten S.Ed.
Taxation - Federal Income Tax - Damages For Injury To Business As Return Of Capital Or Income, Eric Bergsten S.Ed.
Michigan Law Review
The taxpayers, owners of two movie theatres, recovered $36,000 in a compromise settlement of a Clayton Act suit against the major distributors and exhibitors. The taxpayers claimed that the amount received was a return of capital. The Commissioner claimed the amount received represented the recovery of lost profits. Held, Commissioner upheld. The evidence presented did not warrant a finding that any part of the sum recovered represented a return of capital. Chalmers Cullins, 24 T.C. 322 (1955).
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Michigan Law Review
The purpose of this comment is to analyze the rationale, in terms of both statutory construction and policy, of the theory that only a choate garnishment lien is superior to a subsequent tax lien.
Taxation - Federal Income Tax - Deductibility Of Transportation Expenses Between Two Places Of Current Employment, George E. Ewing S.Ed.
Taxation - Federal Income Tax - Deductibility Of Transportation Expenses Between Two Places Of Current Employment, George E. Ewing S.Ed.
Michigan Law Review
Petitioner was employed as a high school principal by the city of Attleboro, Massachusetts, where he lived. He was also employed as an accounting instructor by Boston University, thirty-seven miles distant, two evenings a week for thirty-two weeks during the taxable year. He used his personal automobile to travel between the two cities and did not remain overnight in Boston. Neither employer expressly required him to incur any transportation expenses in connection with his teaching duties and there was no arrangement for reimbursement of transportation costs. The Tax Court affirmed the Commissioner's disallowance-- of a deduction for the automobile expenses …
Taxation - Federal Income Tax - Treatment Of Gains From Commodity Futures Transactions Of Manufacturing Consumer, Neil Flanagin S.Ed.
Taxation - Federal Income Tax - Treatment Of Gains From Commodity Futures Transactions Of Manufacturing Consumer, Neil Flanagin S.Ed.
Michigan Law Review
Taxpayer, a manufacturer of products made from corn, purchased and sold corn futures contracts as a part of its regular buying program in order to protect itself against a possible shortage of raw materials. Taxpayer contended that the gains realized on these transactions should receive capital asset treatment. The Tax Court and the court of appeals held that the gains constituted ordinary income. On appeal, held, affirmed. The transactions, though not true hedges, were entered into for business purposes and as an integral part of taxpayer's operations. Consequently, they should be treated the same as hedges, and the gains …
Taxation--Tax Consequences Of Intra-Family Assignments, L. Fuhrman Martin
Taxation--Tax Consequences Of Intra-Family Assignments, L. Fuhrman Martin
Kentucky Law Journal
No abstract provided.
The Tax-Free Sale Of A Business: Reorganizations, Spin-Offs, And Other Feats Of Magic Under The 1954 Code, Robert O. Swados
The Tax-Free Sale Of A Business: Reorganizations, Spin-Offs, And Other Feats Of Magic Under The 1954 Code, Robert O. Swados
Buffalo Law Review
No abstract provided.
Taxable Status Of Business Tort Recoveries, Marvin I. Kelner
Taxable Status Of Business Tort Recoveries, Marvin I. Kelner
Cleveland State Law Review
More neglected perhaps than any other area of tax law that comes to the attention of the practicing lawyer is the taxability of damages. Damages, of course, represent the largest class of relief sought in the courts. This discussion will be limited to the taxable status of recoveries received from business torts, an area of much controversy today.
Instructions On Taxes In Personal Injury Suits, Lloyd J. Fingerhut
Instructions On Taxes In Personal Injury Suits, Lloyd J. Fingerhut
Cleveland State Law Review
The Internal Revenue Code enacted in 1954 has continued the 1939 Code provision of law that damages received, whether by suit or agreement, for personal injuries or sickness, are exempt from the Federal income taxation, by providing that such awards are specific exclusions from gross income. In light of this, many defense attorneys engaged in suits of such nature are asking the courts to instruct the jury of such provision, or in their closing arguments mentioning the same. The introduction of the provision in closing arguments has been the cause of many appeals and subsequent reversals due to prejudicial error.
Taxation Of Gains From Sale Of Livestock, Unharvested Crops, Timber, Coal & In-Oil Payments, W. Lewis Roberts
Taxation Of Gains From Sale Of Livestock, Unharvested Crops, Timber, Coal & In-Oil Payments, W. Lewis Roberts
Kentucky Law Journal
No abstract provided.
Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Michigan Law Review
Prior to 1947, Jack Benny produced a complete radio show for his sponsor, American Tobacco Company. In January 1947 Amusement Enterprises was incorporated with Benny taking 60 percent of the stock and the remainder going to three of his business associates. Amusement contracted with American to produce a complete radio show, exclusive of Benny's services, to be broadcast over the NBC network on Sunday evenings. Benny signed a separate contract with American as the star of the show. Under the American-Benny contract American could make no change in the time of the broadcast or the network facilities without Benny's approval. …
Taxation - Federal Income Tax - Stockholder's Contractual Duty To Creditors To Finance Corporation As A Business For Purposes Of Bad Debt Deduction, Norman A. Zilber S.Ed.
Taxation - Federal Income Tax - Stockholder's Contractual Duty To Creditors To Finance Corporation As A Business For Purposes Of Bad Debt Deduction, Norman A. Zilber S.Ed.
Michigan Law Review
In 1946 petitioner organized a wholly-owned corporation for the sole purpose of producing a single motion picture at the estimated cost of $175,000. He obtained loan commitments from two lending institutions for $170,000 in exchange for his agreement to increase the paid-in capital to $25,000 and to guarantee personally the financing of the completion of the picture should the budgeted funds prove inadequate. In addition, petitioner made further commitments to secure the institutions' loans. Eventually, $53,273.65 was advanced by petitioner to fulfill his obligations under the agreements. In 1948 the debt which the corporation owed him was deemed worthless and …