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Federal Income Taxation--Section 165 (C) Loss Allowed For Securities Loaned To Brokerage Firm That Subsequently Became Insolvent And Sold The Securities To Meet The Claims Of Creditors--Stahl V. United States, Michigan Law Review
Michigan Law Review
It is frequently said that there are only two certainties in life: death and taxes. The Court of Appeals for the District of Columbia Circuit recently upheld a district court decision that considerably eased the latter burden for plaintiff-taxpayer in Stahl v. United States. On April 12, 1962, Mrs. Stahl, a widowed musician and music teacher, reached an agreement with Balough & Company (Balough), a Washington securities firm, under which she was to surrender to it control of securities with a market value of approximately $210,000. Balough used the securities to meet the minimum capital requirements for brokerage firms established …
Bankruptcy--1970 Amendments To The Bankruptcy Act--An Attempt To Remedy Discharge Abuses, Michigan Law Review
Bankruptcy--1970 Amendments To The Bankruptcy Act--An Attempt To Remedy Discharge Abuses, Michigan Law Review
Michigan Law Review
December 18, 1970, marked the end of a fifteen-year chapter in the history of American legislative proceedings dealing with "personal'' bankruptcy. On that date Public Law Number 91-467 took effect and thereby instituted changes in the Bankruptcy Act designed to "effectuate more fully the discharge in bankruptcy by rendering it less subject to abuse by harrassing creditors." The legislative steps leading to the 1970 amendment began with the introduction of the first "dischargeability" bill in 1955. This initial effort at reform stimulated a continuing flow of similar proposals leading to the ultimate acceptance of new substantive and procedural rules for …