Law Commons^™

A Planner's Primer, William M. Reynolds

Vanderbilt Law Review

Anyone undertaking an assignment to write within a few pages under this comprehensive title must limit his coverage. This general article on a subject as intangible as estate planning omits entirely or gives short treatment to many considerations which may be of great importance to the conscientious planning of relatively complicated estate situations. Emphasis will be placed on the tax aspects of estate planning, particularly federal taxes, but consideration will be given to other aspects which may be of equal or even greater importance. This deliberate emphasis is certainly not intended to add to the misleading impression, too frequently held, …

Tennessee Death Taxes, Charles K. Cosner

Vanderbilt Law Review

The leading articles in this symposium stress the problems which federal death duties create in the planning of estates. The purpose of this note is to discuss the Tennessee Inheritance Tax,' and to indicate how its treatment of particular types of property and forms of ownership differs from the federal succession tax.

The federal tax poses no problem to the Tennessean of moderate means in planning his estate. By some elementary advance planning, all but very substantial estates may be made free of federal tax. In no event will an estate be subject to federal tax which is valued at …

Transfers In Contemplation Of Death, Edward N. Polisher

Vanderbilt Law Review

The scope of this article is limited to the discussion of transfers prompted by motives associated with life and moral obligations; transfers made simultaneously with the execution of a will, or as a part of a plan of testamentary disposition; transfers of life insurance policies; and lastly, valuation of such transfers.

Book Reviews, Philip A. Hendrick, Charles L.B. Lowndes (Reviewer), Adrian W. Dewind (Reviewer), Chas. A. Morehead (Reviewer), John R. Stivers (Reviewer)

Vanderbilt Law Review

An Estate Planner's Handbook By Mayo Adams Shattuck

Boston: Little, Brown & Company, 1948. Pp. 575. $7.50

reviewer: Philip A. Hendrick

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Estate Planning and Estate Tax Saving By Edward N. Polisher

Philadelphia: George T. Bisel Company. Second Edition, 1948. 2 Volumes. Pp. xxxii, 923. $20.00

reviewer: Charles L.B. Lowndes

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Federal Taxes--Corporations and Partnerships, 1948-49 By Robert H. Montgomery, Conrad B. Taylor and Mark E. Richardson

Vol. I: Gross Income and Deductions Vol. II: Taxes, Returns and Administration New York: The Ronald Press Company, 1948. Pp. xiii, 1001; pp. iv, 881. $20.00

Federal Taxes--Estates, Trusts and Gifts, 1948-49

By …

Book Notes, Law Review Staff

Vanderbilt Law Review

Tax Planning for Husbands and Wives under the Revenue Act of 1948 Chicago: Commerce Clearing House, Inc., 1948. Pp. 96. $1.00

This booklet has four main divisions: (1) Income Taxes, (2) Estate Planning under 1948 Act, (3) Estate and Gift Tax Tables (including a summary of state death tax rates and exemptions), and (4) Explanation of 1948 Estate and Gift Tax Changes. It contains the usual explanations as to the effect of the marital deduction and valuable suggestions as to the circumstances under which the deduction should be advantageously used, but the greatest merit of the booklet lies in its …

Family Partnership V. Corporation -- Income Tax Aspects, Bruce Mcclain

Vanderbilt Law Review

At the outset, it must be emphasized that a decision as to the more desirable mode of doing business should never be based solely upon tax considerations. In every instance, the following legal and practical advantages of transacting business as a corporation must always be borne in mind: (1) Limited Liability. The liability of a stockholder for the debts of the corporation is limited to his investment in its stock, while all of the property bf a general partner is subject to the claims of the firm's creditors, if its assets are insufficient to satisfy such claims in full. (2) …

Recent Cases, Law Review Staff

Vanderbilt Law Review

Assault and Battery--Injury Sustained in Prize Fig

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Constitutional Law--Elections--Voting Rights of Residents of Federal Enclave where Polling Places are on Land under Exclusive Federal Jurisdiction

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Constitutional Law--Miscegenation Statutes--Statutory Prohibitions against Inter-Racial Marriages held Unconstitutional

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Criminal Law--Evidence--Admissibility of Sound Motion Pictures of Re-Enactment of Crime by Defendants

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Criminal Procedure--Use of Jury Primer Prior to Trial

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Estate Planning--Mistake as to Tax Consequences of a Gift--Requirements for Rescission

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Evidence--Impeachment of Witnesses--Warning Question on Examination as to Prior Testimony

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Interstate Commerce--Sherman Act--Applicability to Organized Baseball

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Labor Law--Constitutional Law--Validity of Prohibition on Contributions and Expenditures of Labor …

Foreword, Mayo A. Shattuck

Vanderbilt Law Review

In order to get a proper measure of modern Estate Planning I think it may be useful to consider, very briefly, some aspects of its history. The family trust was born into our jurisprudence in an environment which had been moulded in that solid and immovable pyramid called feudalism. In that social order there was nothing of imaginative elasticity. Lateral allegiances or entanglements were as little known as lateral movements. All lines of authority moved from the top; all discharges of duties were rendered vertically to the liege lord next above. As with human relationships so also with property. The …

Will Renunciation Of A Bequest Or Failure To Claim A Statutory Share Constitute A Taxable Gift?, Daniel D. Canale, Robert E. Cooper

Vanderbilt Law Review

In 1948 the 80th Congress amended the Internal Revenue Code in an effort to eliminate the discrimination theretofore enjoyed by residents of states which had adopted the community property system.' Substantial equalization in the estate and gift tax fields is expected to follow from the marital deduction and "gift tax splitting" privileges. Moreover, these changes have focused attention upon a problem which caused considerable concern to conservative tax advisors even before the 1948 Tax Amendment. It has long been a doubtful question whether the renunciation of testamentary benefits would be held to constitute a taxable gift. The Act and the …

Institutional And Post-Institutional Treatment Of The Sex Offender, Thomas P. Wall Jr., Chalmers P. Wylie

Vanderbilt Law Review

The problem of the sex offender is as old as society itself. Today, as in the distant past, man is more concerned, in the first instance, with protecting himself and his loved ones from the corrupting touch of the so-called "sex-fiend" than he is with the punishment, treatment or cure of such persons. This phenomenon of social psychology still prevails in spite of the growing preachments of the doctor, psychologist, criminologist and more recently, of the lawyer prosecutor, the lawyer law-maker and the lawyer practitioner,' to the effect that the primarily desirable end of protecting society can best be achieved …

The Cement Decision And Basing-Point Pricing Systems, Clyde L. Ball

Vanderbilt Law Review

The period since the end of World War II has been marked by a tremendous volume of litigation arising under the federal anti-trust statutes. One of the Government's principal attacks has been aimed at the basing-point system of pricing which has been employed in many basic industries. This attack marked no new departure on the part of the Government; the Federal Trade Commission has consistently opposed the system, and the courts have repeatedly been called upon to review Commission orders aimed at some feature of the basing-point system.

Until recently the system had successfully withstood these attacks. It had weathered …

The Liability Of Public Corporations In England And America, Stanley D. Rose

Vanderbilt Law Review

The public corporation is a common device to carry on governmental activities in the British Commonwealth, Europe and the United States.' It has been the uniformly favored instrument of nationalization policies. The reason for the use of such a public body is "unquestionably due to the realization that it offers the most convenient though by no means the only method for a successful application in public enterprise of principles of business efficiency developed in the private field." The necessarily extensive dealings of private citizens with such corporations force the courts to face promptly the problem of the legal status of …

Rescission By Third Party Prior To Principal's Ratification Of Agent's Unauthorized Action, Theodore G. Pappas

Vanderbilt Law Review

Ratification' by an alleged principal of acts that another person has assumed to do in his behalf without prior authorization gives rise to two general questions. First, can the person who ratifies be held liable for or be bound by the acts he has ratified? Second, can the person who ratifies bind the person that his assumed agent has presumed to bargain with if this person attempts to withdraw before the alleged principal ratifies? Each question presents conditions and refinements.

The present discussion will be confined to the second of the above questions-viz., Can the third party recede from the …

Agency To Make Representations, Merton Ferson

Vanderbilt Law Review

Representations, commands, threats and other utterances are a species of acts and may have legal consequences. An utterance may, for example, constitute fraud, negligence, slander or intimidation. The person who speaks is responsible and it may be that another person, in whose behalf the utterance was made, also is responsible. This discussion has to do with the question of what must be shown to establish the ability' of one person to speak in behalf of another, and thus to make the other liable for the legal consequences.

The Cement Decision And Basing-Point Pricing Systems, Clyde L. Ball

Vanderbilt Law Review

The period since the end of World War II has been marked by a tremendous volume of litigation arising under the federal anti-trust statutes. One of the Government's principal attacks has been aimed at the basing-point system of pricing which has been employed in many basic industries. This attack marked no new departure on the part of the Government; the Federal Trade Commission has consistently opposed the system, and the courts have repeatedly been called upon to review Commission orders aimed at some feature of the basing-point system.

Until recently the system had successfully withstood these attacks. It had weathered …

Book Reviews, William N. Ethridge, Jr., M. G. Dakin (Reviewer), A. B. Neil (Reviewer), C. M. Updegraff (Reviewer)

Vanderbilt Law Review

Book Reviews

The Roosevelt Court: A Study in Judicial Politics and Values By C.Herman Pritchett New York: The Macmillan Company, 1948, Pp. 314,$5.00

Lions Under the Throne By Charles P. Curtis, Jr. Boston: Houghton, Mifflin Company, 1947. Pp. 361. $3.50

The Nine Young Men By Wesley McCune New York: Harper & Bros.,1947. Pp. 293. $3.50

reviewer: William N. Ethridge, Jr.

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A Declaration of Legal Faith By Wiley Rutledge Lawrence, Kansas:University of Kansas Press, 1947. Pp. 82. $2.00

reviewer: M. G. Dakin

The Papers of Walter Clark: 1857-1901, Vol. 1 Edited by Aubrey Lee Brooks and Hugh T. Leffler Chapel …

State Constitutional Conventions And State Legislative Power, Walter F. Dodd

Vanderbilt Law Review

The State of Tennessee faces a serious problem in that it badly needs changes in its Constitution of 1870 and finds it substantially impossible to make such changes by means of proposed amendments by the two houses of its General Assembly. The requirements (1) that legislative proposal be by a majority of all members of the two houses and that it be agreed to by two thirds of the General Assembly then next chosen, and (2) that approval of a proposed amendment be "by a majority of all the citizens of the State, voting for Representatives," ' substantially defeat possibility …

Editorial Board, Journal Staff

Vanderbilt Law Review

No abstract provided.

Institutional And Post-Institutional Treatment Of The Sex Offender, Thomas P. Wall Jr., Chalmers P. Wylie

Vanderbilt Law Review

The problem of the sex offender is as old as society itself. Today, as in the distant past, man is more concerned, in the first instance, with protecting himself and his loved ones from the corrupting touch of the so-called "sex- fiend" than he is with the punishment; treatment or cure of such persons. This phenomenon of social psychology still prevails in spite of the growing preachments of the doctor, psychologist, criminologist and more recently, of the lawyer prosecutor, the lawyer law-maker and the lawyer practitioner,' to the effect that the primarily desirable end of protecting society can best be …

Mr. Justice Mcreynolds -- An Appreciation, R. V. Fletcher

Vanderbilt Law Review

In the course of the memorial exercises in honor of Justice McReynolds, held in the Supreme Court of the United States on March 31, 1948, the Attorney General made the significant statement that McReynolds was neither liberal nor conservative." This observation was made in connection with the statement that the Justice, when he was appointed to the Court, was considered a liberal, and when he left the Court, a conservative. His characterization as a liberal was by reason of his experience as a prosecutor in antitrust cases; his reputation for conservatism rests upon his attitude toward legislative measures and economic …

Recent Cases, Law Review Staff

Vanderbilt Law Review

CONFLICT OF LAWS--FULL FAITH AND CREDIT--DOMESTIC SEPARATE MAINTENANCE DECREE SURVIVES FOREIGN DIVORCE

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CONSTITUTIONAL LAW--DUE PROCESS--USE OF PEREMPTORY'CHALLENGE TO EXCLUDE ALL MEMBERS OF ACCUSED'S RACE FROM TRIAL JURY

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CONSTITUTIONAL LAW--FREEDOM OF SPEECH--USE OF AMPLIFICATION DEVICE IN PUBLIC PARK HELD WITHIN CONSTITUTIONAL GUARANTEE

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CONSTITUTIONAL LAW--SEARCHES AND SEIZURES--EVIDENCE OBTAINED WITHOUT SEARCH WARRANT INADMISSIBLE THOUGH SEIZED IN PROCESS OF LAWFUL ARREST

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CONSTITUTIONAL LAW--RACIALLY RESTRICTIVE COVENANTS--JUDICIAL ENFORCEMENT AS STATE ACTION

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CONTRACTS--BROKER'S COMMISSIONS--RIGHT TO RECOVER UNDERDOCTRINE OF SUBSTITUTED PERFORMANCE

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CONTRACTS--COMMERCIAL FRUSTRATION--REQUIREMENT THAT A BASIC PURPOSE OF THE CONTRACT BE FRUSTRATED

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CRIMINAL LAW--CUMULATIVE SENTENCES--EFFECT OF STATE PAROLE UPON COMMENCEMENT OF …

Negotiated Vs. Competitive Debt Financing, Ralph S. Peterson

Vanderbilt Law Review

The principle of competitive bidding for municipal, equipment trust, and terminal issues has been so thoroughly tested during war, boom and depression markets, that its advantages are no longer questioned. It was the extension of this principle, however, to public utility securities generally in 1941, and to additional classes of railroad debt securities in 1944 which again aroused organized opposition from the traditional utility and railroad bankers and gave rise to their solemn predictions of the dire consequences which would follow the adoption of competitive bidding for such securities.

It is not possible within the scope of this article to …

The International Bank For Reconstruction And Development--A New Departure In International Finance, Robert L. Garner

Vanderbilt Law Review

Early in World War II, financial and economic experts of the Allied Nations concluded that if economic health was to return with the peace, the family of nations would have to forego the bad economic manners which had become commonplace between the wars. The conviction that a new and better economic household for the world had to be planned resulted in the United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in July, 1944, in which representatives of 44 nations participated.

The Conference met to solve two major problems. The first of these grew out of the chaotic …

The Significance Of Capital Surplus To The Investor, Charles E. Crouch

Vanderbilt Law Review

The examination of the net worth section of a balance sheet reveals two major parts, namely, (1) the capital stock account and (2) the surplus account. The surplus account is the balancing account which equalizes the difference between the assets, liabilities and capitalization. In this manner the surplus account becomes a reservoir into which are poured increases in net worth and out of which are dipped decreases. Although every transaction of a business either directly or indirectly bears upon the surplus account, corporate accountants and directors have not given enough attention to the proper treatment and handling of this important …

Editorial Board, Journal Staff

Vanderbilt Law Review

No abstract provided.

American Business And Risk Capital, Emil Schram

Vanderbilt Law Review

In the midst of a nation-wide business surge--in building, in steel, in automobiles and petroleum production and farming--our capital markets stand alone as the one "depressed area" in the national economy.

It is due to the failure of many of those who call the tune on our country's fiscal and credit policies to realize that they are sluicing off the top soil from a resource as definite and tangible as our farms; they are eroding something as measurable as our grazing lands; they are pumping off onto barren ground something as exhaustible as our oil wells.

I am speaking of …

Some Current Thoughts On Corporate Capitalization, Chester Rohrlich

Vanderbilt Law Review

There is nothing new in the basic legal problems connected with the need of each new business to somehow or other raise the necessary funds with which to launch the enterprise. It is primarily because of the flexibility which the corporate form of doing business affords in pooling together for a common business purpose the funds of many persons with diverse financial needs and objectives, that the corporation has achieved the preeminent position which it occupies. But while the fundamental questions are old, new times, new decisions and new statutes serve to emphasize different phases and different facets of the …

The Sec And The Broker-Dealer, Louis Loss

Vanderbilt Law Review

A couple of weeks ago the Commission handed down an opinion in a broker-dealer revocation proceeding which is the latest in a series of cases over the past few years that have gradually blocked out the duties of a broker-dealer to his customer. That case gives me my theme today.

It happens that most of what I am about to say relates primarily to the over-the-counter market. I was a little disturbed about the propriety of talking about over-the-counter problems under the auspices of this organization. However, we are all interested, I take it, in the problems of the securities …

Federal Regulation And State Gambling Laws, Walter H. Moses

Vanderbilt Law Review

The statement that the detailed regulation of security exchanges and transactions conducted thereon which is embodied in the Securities Exchange Act of 1934 and the Securities Act of 1933 and the regulations promulgated by the Securities and Exchange Commission thereunder constitutes an encouragement to gambling in securities, no doubt quite properly places a heavy burden of proof on the person making it. This article has as its purpose a demonstration of the truth of such statement.

Over-The-Counter Securities Markets, Guy L. Clinton

Vanderbilt Law Review

Following the 1929 collapse, much attention has been centered on the role of the security exchanges in our economy. Whether or not improper operation of the securities markets had caused the instability of the national economy was not clearly apparent. However, as many persons believed that such was the case, or that such operation was at least a major factor in the economic ills of the country, the "crash" and the resulting investigations provided the impetus for a reform program in the investment banking segment of our economy, and one phase of this program dealt with securities.