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University of Michigan Law School

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Articles 721 - 750 of 1010

Full-Text Articles in Tax Law

Taxation-Stock Dividends As Income, Joseph G. Egan S.Ed. Dec 1950

Taxation-Stock Dividends As Income, Joseph G. Egan S.Ed.

Michigan Law Review

X corporation had two classes of stock outstanding. The Class A stock was a preferred stock entitled to cumulative dividends and a liquidation preference. The Class B stock was a non-voting stock, entitled to an annual $2 dividend after payment of the dividend on the preferred. Both classes were entitled to participate equally (on a pro rata basis) in any dividends in excess of the two mentioned above. The corporation declared a stock dividend, entitling each Class A holder to one-half share of Class A stock for each share presently held, and each Class B holder to one-half share of …

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Some Problems In Federal Question Jurisdiction, George B. Fraser, Jr. Nov 1950

Some Problems In Federal Question Jurisdiction, George B. Fraser, Jr.

Michigan Law Review

Congress has given the federal district courts original and removal jurisdiction of all civil actions arising under the Constitution or laws of the United States, but the power of these courts to hear such cases has been restricted by the Supreme Court of the United States. The Supreme Court holds that the district courts have jurisdiction of a case if a federal question is raised in the complaint, but jurisdiction cannot be based on a federal question in the answer. This means that the district courts are closed to many cases that involve a substantial federal issue, while many cases …

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Jensen: Cooperative Corporate Association Law-1950, William S. Barnes Nov 1950

Jensen: Cooperative Corporate Association Law-1950, William S. Barnes

Michigan Law Review

A review of COOPERATIVE CORPORATE ASSOCIATION LAW-1950. By A. Ladru Jensen and others.

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Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed. Jun 1950

Taxation-Income Tax-Corporation Not Taxable On A Sale Of Property By Stockholders Following Genuine Liquidation Distribution, R. Lawrence Storms S.Ed.

Michigan Law Review

The stockholders of a closely held electric utility corporation offered to sell all the corporate stock to a cooperative competitor. The cooperative countered with an offer to buy a part of the corporation's physical assets. Hoping to avoid a heavy corporate capital gains tax, the stockholders caused the corporation to distribute to them in partial liquidation the property in question, and then executed the previously contemplated sale themselves. The commissioner assessed and collected a capital gains tax from the corporation which then sued and recovered the amount of the tax in the court of claims. On appeal, held, affirmed. …

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Taxation--Income Tax-Effect Of Loss Carry--Back On Deficiency Assessment Interest Charges, William R. Worth S.Ed. Jun 1950

Taxation--Income Tax-Effect Of Loss Carry--Back On Deficiency Assessment Interest Charges, William R. Worth S.Ed.

Michigan Law Review

In 1943 the Commissioner of Internal Revenue assessed deficiencies against respondent taxpayer in its 1941 income and excess profits taxes, adding interest from the date the tax was properly due to the assessment date. The taxpayer suffered a net operating loss in 1943 sufficient to abate completely all tax liability for 1941. When application for a refund of the amount paid and abatement of the deficiency was made, however, the commissioner deducted the interest assessed from the amount to be returned, claiming that the liability to pay interest on the deficiency was still outstanding. The district court held for the …

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The Case Of The Forgotten Basis: An Admonition To Victims Of Internal Revenue Code Section 115(G), Richard Katcher Feb 1950

The Case Of The Forgotten Basis: An Admonition To Victims Of Internal Revenue Code Section 115(G), Richard Katcher

Michigan Law Review

It is the purpose of this article to explore the various means available to a victim of section 115(g) for recovering the basis of his cancelled stock and to examine the reasons that may be advanced in support of the conclusion that the victim should be allowed a capital loss deduction measured by the amount of the basis.

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Freedom From Uncertainty In Income Tax Exemptions, Maurice Finkelstein Feb 1950

Freedom From Uncertainty In Income Tax Exemptions, Maurice Finkelstein

Michigan Law Review

Exemptions from obligations to government are as old as Scripture. It is not strange, therefore, that the public interest in humane government should dictate numerous exemptions from the income tax levy, particularly when one considers that the income tax has long ceased to be simply a revenue producing vehicle. The regulation of inflation or deflation, the control of corporate financial structures, the distribution of wealth, all these and many other concern of government have entered into the formula of our income tax laws. The selection of those who are to be benefited by the tax exemption is, of course, made …

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Review Of Successful Tax Practice, By H. C. Bickford, John W. Reed Jan 1950

Review Of Successful Tax Practice, By H. C. Bickford, John W. Reed

Reviews

For some years now, those who came to the bar before federal taxes attained importance have been lamenting their unfamiliarity with the field and the consequent loss of clientele. Not a few clients have joined in the lament, often upon the stimulus of an unexpected and unnecessary tax bill. The bar is aware of the problem, and its attempts to meet it have ranged all the way from tax institutes for interested lawyers to cart-before-the-horse attempts to exclude non-lawyers from practice in the tax field. I suggest that Mr. Bickford's readable book is one of the most promising answers to …

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Accrual Problems In Tax Accounting, Alfred E. Holland Dec 1949

Accrual Problems In Tax Accounting, Alfred E. Holland

Michigan Law Review

Quite frequently at the end of a taxable year some uncertainty qualifies the eventual payment or receipt of an obligation. An obligor may refuse to pay the debt for any number of reasons. There may be disagreement as to the amount which is due; the obligation may not appear collectible; or there may be some other contingency which makes eventual receipt or payment appear uncertain at the time. This uncertainty presents a problem to the taxpayer when he closes his books at the end of the year. Should such an uncertain item be entered on the books as income for …

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Taxation-Income Tax-Income From Discharge Of Indebtedness, R. V. Ehrick Jun 1949

Taxation-Income Tax-Income From Discharge Of Indebtedness, R. V. Ehrick

Michigan Law Review

In 1925 taxpayer obtained a loan of $90,000 from a bank, executing in return 200 bonds secured by a mortgage on certain of his property. The bank sold the bonds to the public. Until 1932 taxpayer was able to pay the interest and retire the bonds according to schedule, but in that year, compelled by a "straitened" (but solvent) financial condition, he obtained an extension of interest and principal payments. During 1938, 1939 and 1940 (prior to maturity) taxpayer repurchased a portion of the bonds at considerably less than face value, some of the purchases being made through a bondholders' …

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Taxation-Federal Estate Tax-Transfers Of Life Insurance In Contemplation Of Death, Ralph E. Hunt S. Ed. Apr 1949

Taxation-Federal Estate Tax-Transfers Of Life Insurance In Contemplation Of Death, Ralph E. Hunt S. Ed.

Michigan Law Review

Insurance policies on the life of a decedent are ordinarily included in his gross estate according to the provisions of section 811 (g) of the Internal Revenue Code. Where the policy is payable to a beneficiary other than the executor, it is taxable under section 811(g)(2): (1) if the decedent paid premiums on the policy, in proportion to the amount of premiums paid by him in relation to the total premiums paid, or (2) if the decedent possessed at his death any of the incidents of ownership. However, these provisions are not exclusive; even though section 811 (g) is inapplicable, …

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Conflict Of Laws-Enforcing Tax Laws Of Sister States, Bernard L. Trott S. Ed. Apr 1949

Conflict Of Laws-Enforcing Tax Laws Of Sister States, Bernard L. Trott S. Ed.

Michigan Law Review

In the recent case City of Detroit v. Proctor, the defendant, a resident of Detroit, was owner of personal property located there in the year 1939. The city levied a tax on this property, which tax became a debt under the laws of Michigan on the first day of April, 1939, and became due and · payable on the 15th of July, 1939. During the month of June, 1939, the defendant removed both his person and his property from the state of Michigan and has since resided elsewhere. The treasurer of the city of Detroit, who is empowered by …

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Trade Regulation-State Fair Trade Acts And Supplementary Federal Legislation, Earl R. Boonstra Apr 1949

Trade Regulation-State Fair Trade Acts And Supplementary Federal Legislation, Earl R. Boonstra

Michigan Law Review

The state Fair Trade Acts and the federal Miller-Tydings Act were enacted for the avowed purpose of exempting vertical price fixing contracts from the federal and state anti-trust laws. This legislation followed several court decisions which had declared resale price maintenance agreements unlawful trade restraints. The first Fair Trade Act was enacted by California in 1931, and by 1941 all but four jurisdictions had passed similar legislation. In 1936, the United States Supreme Court upheld the constitutionality of the California and Illinois acts on the broadest of grounds; and while the Miller-Tydings Act has not been passed upon, its constitutionality …

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Competitive Operation Of Municipally And Privately Owned Utilities, Charles M. Kneier Mar 1949

Competitive Operation Of Municipally And Privately Owned Utilities, Charles M. Kneier

Michigan Law Review

Public utility services for cities are usually provided on the principle of regulated monopoly. It has been found that by the very nature of the utility business, better service can be had and at cheaper rates by the use of one supplier rather than by the use of competing plants: This one plant having a monopoly of the business may be either privately or municipally owned. If the service is furnished by a privately owned utility, regulation is usually by a state commission, but in a few states regulation is still largely by the city in which the company operates. …

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Tax Practitioners Forum, Michigan Law Review Mar 1949

Tax Practitioners Forum, Michigan Law Review

Michigan Law Review

A Review of TAX PRACTITIONERS FORUM

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Stanley And Kilcullen: The Federal Income Tax: A Guide To The Law., Michigan Law Review Mar 1949

Stanley And Kilcullen: The Federal Income Tax: A Guide To The Law., Michigan Law Review

Michigan Law Review

A Review of THE FEDERAL INCOME TAX: A GUIDE TO THE LAW. By Joyce Stanley and Richard Kilcullen.

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Review Of Cases And Materials On Taxation, 2nd Ed., By P. W. Bruton, John W. Reed Jan 1949

Review Of Cases And Materials On Taxation, 2nd Ed., By P. W. Bruton, John W. Reed

Reviews

This is a better book than Professor Bruton's first edition. It is a different book, too; substantial and useful revision is apparent, not only in the selection of recent materials but also in the arrangement of those materials. As taxation casebooks go, one must agree that this is a well executed opus.

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Landlord And Tenant-Lessee's Covenant To Pay Taxes-Liability Of Assignee Who Has Reassigned, L. K. Cooperrider S.Ed. Nov 1948

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 …

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Non-Trade And Non-Business Expense Deductions: Section 23(A)(2) Of The Internal Revenue Code, R. W. Nahstoll Jun 1948

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.

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Taxation-Debt Reduction, John M. Veale S.Ed. Jun 1948

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 …

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Recent Books, Michigan Law Review Jun 1948

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.

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Taxation-Federal Income Tax-Claim For Refund-Statute Of Limitations, Samuel N. Greenspoon S.Ed. Jun 1948

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 …

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Some Problems In Special Assessment District Obligations, Irvin Long May 1948

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 …

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Corporations-Residence Of Domestic Corporation For Purpose Of Venue Established By Location Fixed In Articles Of Incorporation, John M. Veale S.Ed. May 1948

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 …

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Taxation - I.R.C. Section 115 (G) -Transaction Equivalent To Taxable Dividend, Bayard E. Heath S.Ed. May 1948

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 …

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Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed. Apr 1948

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 …

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Constitutional Law-Tax Exemption Contract, Grétel Schinnerer Mar 1948

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 …

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Taxation -Family Partnerships-Capital "Originating" With The Wife, Bayard E. Heath S.Ed. Mar 1948

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 …

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Taxation--Income Tax--Nondeductible Losses--Intra-Family Transactions, Bayard E. Heath S.Ed. Feb 1948

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 …

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Some General Aspects Of Michigan Community Property Law, William E. Burby Jan 1948

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 …

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