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Articles 1 - 20 of 20
Full-Text Articles in Law
Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan
Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan
Michigan Law Review
Annual taxes on real estate in Massachusetts were assessed on January 1 of each year, and were payable on July and October l, The will set up a trust to pay income to the tenant for life, and to pay the principal to the remainderman. The trustees sought to retain sufficient funds out of income to meet the next year's taxes, fearing that the tenant might not live long enough after January 1 to accumulate sufficient income to meet the taxes, and they brought this bill for instructions. The probate court entered a decree sustaining the trustees' contentions. On appeal, …
Taxation - Income Tax - Interest On Condemnation Award As Capital Gain, John L. Rubsam
Taxation - Income Tax - Interest On Condemnation Award As Capital Gain, John L. Rubsam
Michigan Law Review
Petitioner's land was condemned by the city of New York and as compensation he was awarded a certain sum representing the value of the land and, in addition, a sum classified as "interest" to indemnify the petitioner for delay in payment of the award. The award so classified as "interest" was taxed as "ordinary income" by the commissioner of internal revenue. It was petitioner's contention that such sum denominated as "interest" should have been classed as a "capital gain" and not as "ordinary income." From an order of the board of tax appeals holding this sum "ordinary income," petitioner appealed. …
Definition And Classification Of Securities Under The Revenue Act, Charles C. Parlin
Definition And Classification Of Securities Under The Revenue Act, Charles C. Parlin
Indiana Law Journal
No abstract provided.
Must We Carry Our Stocks And Bonds In Our Pockets, Floyd E. Dix
Must We Carry Our Stocks And Bonds In Our Pockets, Floyd E. Dix
Indiana Law Journal
(Being an attempt to follow the reasoning of the Supreme Court of the United States during the past forty years, by which it has for a second time arrived at multiple taxation of intangibles)
Taxation - Income Tax - Taxability Of Income Of Alimony Trust To Husband-Settlor-Rule Of Douglas V. Willcuts, Benjamin W. Franklin
Taxation - Income Tax - Taxability Of Income Of Alimony Trust To Husband-Settlor-Rule Of Douglas V. Willcuts, Benjamin W. Franklin
Michigan Law Review
Three recent decisions of the Supreme Court of the United States, Helvering v. Fitch, Helvering v. Leonard, and Helvering v. Fuller, all involving an application of the rule of Douglas v. Willcuts, raise the question of what that rule means in its practical application. Stated briefly, that rule is that the income from a so-called alimony trust is taxable to the husband-settlor whenever it discharges a continuing obligation for him.
Taxation - Income Tax - Improvements Made By Lessee As Income To Lessor, Benjamin W. Franklin
Taxation - Income Tax - Improvements Made By Lessee As Income To Lessor, Benjamin W. Franklin
Michigan Law Review
In 1915, defendant leased a tract of land to X for ninety-nine years. The lease provided that the lessee could remove the old building and replace it; and that on termination, the lessee should surrender the land, buildings and improvements. In 1929, the lessee razed the old structure and erected a new one. On default by the lessee in 1933, the lease was cancelled and defendant repossessed the premises. The commissioner of internal revenue determined that the difference between the fair market value of the new building in 1933 and the unamortized cost of the building razed in 1929 was …
Trends In Federal Tax Procedure, Frederick L. Pearce
Trends In Federal Tax Procedure, Frederick L. Pearce
Taxation & Traynor
No abstract provided.
Taxation - Corporations -Treatment Of Treasury Stock Under The Michigan Privilege Tax Statute, James A. Lee
Taxation - Corporations -Treatment Of Treasury Stock Under The Michigan Privilege Tax Statute, James A. Lee
Michigan Law Review
The recent Louisiana case of State v. Stewart Brothers Cotton Co., lnc. raises the question of the treatment of treasury stock 2 for franchise or privilege tax purposes. In that case the state statute provided that the base for the franchise tax was the corporation's issued and outstanding capital stock, surplus and undivided profits. Stewart Bros. Cotton Co., Inc., had an authorized capital stock of 10,000 shares; in 1930 it purchased 3,333 1/3 shares of this stock, and did not cancel the shares until 1935. The surplus, which was more than sufficient to allow the corporation to purchase the stock …
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Michigan Law Review
Respondent's decedent died testate in 1936 and was at the time of his death a resident of and domiciled in Oregon. In earlier years when he resided in Wisconsin he placed various stocks, bonds and other intangibles in the possession of an Illinois trust company, which acted as his agent in collecting and investing the principal and income on these securities. These securities were always physically present in Illinois, never in Oregon. About six months before his death respondent's decedent directed the trust company to sell some of his bonds and purchase $450,000 worth of federal irrevocable trust for the …
Taxation - Privilege Tax On Foreign Corporations - Due Process And Commerce Clauses - Validity Of Formula, James W. Deer
Taxation - Privilege Tax On Foreign Corporations - Due Process And Commerce Clauses - Validity Of Formula, James W. Deer
Michigan Law Review
The state of Texas levied an annual franchise tax on all corporations, both foreign and domestic, authorized to do business within the state. The tax was assessed on the basis of the amount of the total capital stock which was allocable to Texas, the allocation being based on the proportion that Texas gross receipts bore to total gross receipts. This formula, as applied to the Ford Motor Company, gave the statutory base of $23,000,000 on which Ford paid the tax under protest. The evidence showed that the Ford Motor Company had only an assembly plant in Texas worth $3,000,000, that …
Taxation - Income Tax - Credits - Orphans Maintained In An Orphanage Are Not Dependents Of The Taxpayer Under The Revenue Act Of 1932, Jerome J. Dick
Taxation - Income Tax - Credits - Orphans Maintained In An Orphanage Are Not Dependents Of The Taxpayer Under The Revenue Act Of 1932, Jerome J. Dick
Michigan Law Review
The petitioner for a number of years had been paying the annual deficit of the St. Francis Industrial School for Orphans. In 1933 she entered into and performed a contract with the orphanage whereby she agreed to pay the maintenance expense of sixty-four named orphans. Petitioner claimed she was entitled to a $400 credit on her income tax return for each of these orphans. Under the Revenue Act of 1932 the credit was allowed for each person dependent upon and receiving his chief support from the taxpayer. Petitioner appealed the decision of the United States Board of Tax Appeals, which …
Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren
Taxation - Income Tax - Liability Of Settlors Of Irrevocable Short Term Trusts, Robert M. Warren
Michigan Law Review
In a recent significant decision the Supreme Court of the United States has declared that, under certain circumstances, income from irrevocable short-term trusts may be taxed to the settlor. This conclusion is contrary to the previously accepted notion that there was no authority for such a tax under existing provisions of the Revenue Act. In the light of this and other recent decisions the matter of taxation of income from short-term trusts assumes renewed significance.
Constitutional Law - Original Jurisdiction Of United States Supreme Court - Availability As A Procedural Remedy To Avoid Multiple Taxation, Benjamin W. Franklin
Constitutional Law - Original Jurisdiction Of United States Supreme Court - Availability As A Procedural Remedy To Avoid Multiple Taxation, Benjamin W. Franklin
Michigan Law Review
The state of Massachusetts instituted an original proceeding against the state of Missouri and individual citizens of Missouri for leave to file a bill of complaint, alleging that M. B. Blake died domiciled in Massachusetts; that she had created three trusts of securities, reserving a power of revocation over two; that the securities were held in Missouri where the trustees resided; that both states had statutes subjecting to taxation property passing by deed, grant or gift, made or intended to take effect in possession or enjoyment after the donor's death; that the Massachusetts statute taxed intangible property only when owned …
Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry
Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry
Michigan Law Review
The recent Supreme Court decision in Le Tulle v. Scofield, disapproving the views of four out of five circuit courts of appeals, appears to add a new and more specific requirement to the already complex law on the subject of statutory reorganization under the Revenue Act of 1928 -- that the consideration received by the transferor corporation include some stock of the transferee corporation. In the subject case, the Gulf Coast Irrigation Company transferred substantially all its assets to the Gulf Coast Water Company in exchange for $50,000 in cash and $750,000 in mortgage bonds, four-fifths of which matured …
Consumer Sales Tax--What Service Taxable, J. L. G. Jr.
Consumer Sales Tax--What Service Taxable, J. L. G. Jr.
West Virginia Law Review
No abstract provided.
Criminal Law And Procedure - Statute Of Limitations - Income Tax Prosecution, Michigan Law Review
Criminal Law And Procedure - Statute Of Limitations - Income Tax Prosecution, Michigan Law Review
Michigan Law Review
Defendant was indicted for wilfully attempting to evade and defeat payment of part of his income tax for the taxable year 1930 by filing a false return in violation of the Revenue Act of 1928. A motion to quash was entered because the indictment had not been found and returned within six years of the alleged commission of the offense. The indictment had been actually found and filed six years and one hundred sixty-six days from the day upon which the return was filed. Defendant was absent from the district on various business and pleasure trips for more than the …
Taxation--Jurisdiction Of Domiciliary State To Tax Transfer Of Property Located In Another State, Marvin M. Tincher
Taxation--Jurisdiction Of Domiciliary State To Tax Transfer Of Property Located In Another State, Marvin M. Tincher
Kentucky Law Journal
No abstract provided.
Intergovernmental Tax Immunity: Do We Need A Constitutional Amendment?, Robert C. Brown
Intergovernmental Tax Immunity: Do We Need A Constitutional Amendment?, Robert C. Brown
Articles by Maurer Faculty
No abstract provided.
Administrative Law - Taxation - Power Of Board To Adopt Rules And Regulations - Inflexibility Of Prior Ruling By Reenactment Of Statute Without Change, William F. Anderson
Administrative Law - Taxation - Power Of Board To Adopt Rules And Regulations - Inflexibility Of Prior Ruling By Reenactment Of Statute Without Change, William F. Anderson
Michigan Law Review
The respondent oil company in computing its net income for the years 1929-1930 for the purpose of applying the depletion deduction provisions of the Revenue Act of 1928 refused to deduct certain development expenditures, although it had deducted those development expenditures in computing its taxable net income for these years. Under the rule-making power of section 23 (1) of that act, the commissioner defined "net income of the taxpayer" as used in section 114 (b)(3) as meaning gross income from the sale of gas and oil less certain deductions, including development expenses (if the taxpayer had elected to deduct development …