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Articles 1 - 13 of 13
Full-Text Articles in Law
Landlord And Tenant-Lessee's Covenant To Pay Taxes-Liability Of Assignee Who Has Reassigned, L. K. Cooperrider S.Ed.
Landlord And Tenant-Lessee's Covenant To Pay Taxes-Liability Of Assignee Who Has Reassigned, L. K. Cooperrider S.Ed.
Michigan Law Review
A 100-year lease contained the following covenant, " . . . lessee further agrees that he will, as additional rent, pay . . . all taxes and assessments . . . which shall, during said term, be levied, assessed, or otherwise imposed. . . The lessee 'agrees that he will pay such taxes . . . before any fine . . . may be added thereto for non-payment thereof." Defendant, assignee of the lessee, had reassigned on December 16, 1936; Plaintiff, lessor, sought to recover from him unpaid taxes for the calendar year 1936. In Minnesota, property taxes are assessed …
Taxation-Federal Income Tax-Claim For Refund-Statute Of Limitations, Samuel N. Greenspoon S.Ed.
Taxation-Federal Income Tax-Claim For Refund-Statute Of Limitations, Samuel N. Greenspoon S.Ed.
Michigan Law Review
The commissioner determined that a deficiency existed in the taxpayer's income tax for 1938. This deficiency assessment was paid in 1941. More than three years later the taxpayer filed a claim for refund which was rejected by the commissioner on the ground that it was barred by the two year limitation period of section 322 (b) (1) of the Internal Revenue Code. The taxpayer then brought suit in the district court contending that the four year limitation period of section 3313 of the code was applicable. The district court sustained the taxpayer, and the judgment was affirmed by the circuit …
Non-Trade And Non-Business Expense Deductions: Section 23(A)(2) Of The Internal Revenue Code, R. W. Nahstoll
Non-Trade And Non-Business Expense Deductions: Section 23(A)(2) Of The Internal Revenue Code, R. W. Nahstoll
Michigan Law Review
Among the innovations introduced into the Internal Revenue Code by the Revenue Act of 1942 was the provision allowing deduction from gross income, in the computation of net income, of nontrade and non-business expenses. Every revenue act including the Act of 1894, has provided in one form or another for the deduction of trade and business expenses.
Taxation-Debt Reduction, John M. Veale S.Ed.
Taxation-Debt Reduction, John M. Veale S.Ed.
Michigan Law Review
Inherent in an economy financed by a large volume of credit, extending over varying intervals of time, is the problem of debt reduction and revalorization. The ramifications of this problem in the income tax field have long intrigued legal scholars and confounded the courts. A recent case illustrates anew the danger, to client and counsel, lurking in the assumption that the tax significances of debt reduction have finally been reduced to mathematical certainty. The taxpayer borrowed $90,000 from a bank in 1925, using the funds to pay off encumbrances upon, and make improvements on, a piece of property. As a …
Recent Books, Michigan Law Review
Recent Books, Michigan Law Review
Michigan Law Review
This department undertakes to note or review briefly current books on law and matters closely related thereto.
Some Problems In Special Assessment District Obligations, Irvin Long
Some Problems In Special Assessment District Obligations, Irvin Long
Michigan Law Review
The question of the jurisdiction of a board or officer authorized to construct a local improvement and levy special assessments therefor has always been troublesome, and is particularly so when bonds or other obligations are issued in anticipation of the collection of such assessments. A vast amount of litigation has occurred in Michigan in recent years over drain district assessments, and bonds which such districts have issued. While this is of primary interest to Michigan lawyers and investors in public securities, many of the questions involved seem to be of such a general nature, so far as special assessment procedure …
Corporations-Residence Of Domestic Corporation For Purpose Of Venue Established By Location Fixed In Articles Of Incorporation, John M. Veale S.Ed.
Corporations-Residence Of Domestic Corporation For Purpose Of Venue Established By Location Fixed In Articles Of Incorporation, John M. Veale S.Ed.
Michigan Law Review
M Village in which D corporation conducted its business was partially in X County and partially in Y County. The county line bisected the village close to D's location, and in filing its articles of incorporation D had designated M Village, Y County as its residence. In fact, D's property and office were located is X County and when P began a suit against it in Y County, D moved to dismiss upon the ground that under the applicable statute D could be sued only in the county where it resided. P argued that D had at least …
Taxation - I.R.C. Section 115 (G) -Transaction Equivalent To Taxable Dividend, Bayard E. Heath S.Ed.
Taxation - I.R.C. Section 115 (G) -Transaction Equivalent To Taxable Dividend, Bayard E. Heath S.Ed.
Michigan Law Review
P and B owned all the outstanding shares of X Corporation. In 1937 P purchased B's shares and gave as consideration his notes bearing maturity dates varying from one to ten years. Two years later P transferred these shares to X Corporation, to be held as treasury stock, in return for the corporation's promise to discharge P's obligations to B as they matured. Pursuant to this agreement X paid $5,000 to B in discharge of one of P's notes. The commissioner treated this payment as a taxable dividend to P under section 115 (g) of the Internal …
Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed.
Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed.
Michigan Law Review
Taxpayer was accustomed to loan money to a related corporation on open accounts. The debtor consistently lost money and became bankrupt in 1938. Thereupon taxpayer wrote off the whole debt using it as a deduction from 1938 income. The commissioner assessed a deficiency on the theory that the taxpayer, by a subordination agreement made with another creditor in 1931, had recognized the then balance to be worthless. Hence, he argued, advances made after that date were a separate debt; therefore taxpayer had lost the right to deduct the debt due in 1931 for failure to take it in the year …
Taxation -Family Partnerships-Capital "Originating" With The Wife, Bayard E. Heath S.Ed.
Taxation -Family Partnerships-Capital "Originating" With The Wife, Bayard E. Heath S.Ed.
Michigan Law Review
In 1937 petitioner, P, gave his wife and sister each $2500 worth of stock in X Corporation. In 1940 he and A formed a partnership unrelated to the business of X corporation. Later in the year they decided to incorporate this partnership. Meanwhile, P desired to obtain all of the stock of X in order to take advantage of an opportunity to sell it to other interests at a substantial profit. His wife and sister gave him their shares in X for his promise to give them shares in the new corporation formed from the partnership of P and …
Constitutional Law-Tax Exemption Contract, Grétel Schinnerer
Constitutional Law-Tax Exemption Contract, Grétel Schinnerer
Michigan Law Review
A charter granted in 1863 by the State of Georgia to the Atlantic Coast Line Railroad Company provided as follows: "The stock of said company shall be subject to a tax not exceeding ½ per cent per annum on the net proceeds of its investments." In 1931, the Georgia legislature levied a tax of 5½ per cent on corporate net income. The railroad brought an action seeking to have an assignment under this tax declared invalid, on the theory that the tax as applied to the plaintiff railroad violated the contract clause of the federal Constitution. The Georgia Supreme Court …
Taxation--Income Tax--Nondeductible Losses--Intra-Family Transactions, Bayard E. Heath S.Ed.
Taxation--Income Tax--Nondeductible Losses--Intra-Family Transactions, Bayard E. Heath S.Ed.
Michigan Law Review
Petitioner managed his wife's as well as his own estate. On several occasions, to establish tax losses, he ordered his broker to sell certain stock on the Stock Exchange for his account, and then to buy the same number of shares of the same stock for his wife's account. Petitioner claimed losses derived from these sales when filing his income tax return, but the commissioner disallowed these deductions on the authority of section 24 (b) of the Internal Revenue Code. On the taxpayer's application to the Tax Court, it held section 24 (b) inapplicable. The circuit court of appeals reversed …
Some General Aspects Of Michigan Community Property Law, William E. Burby
Some General Aspects Of Michigan Community Property Law, William E. Burby
Michigan Law Review
The common law, in recognition of the fact that one spouse is entitled to some economic security in the property of the other spouse, evolved the interests known as dower and curtesy. These interests, of course, apply only with respect to land. The husband enjoyed an additional economic advantage that came from the management and control of his wife's property. This latter advantage has disappeared with the advent of Married Women's Property Acts that confer upon married women the right to manage their own estates. Statutes have also expanded on the concept of dower and curtesy by providing for a …