Tax 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, …

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 …

The Tennessee Retailers' Sales Tax Act, Stanely D. Rose

Vanderbilt Law Review

The primary consideration in the adoption of a tax by a state is the constitutional framework into which it is to be fitted. Probable litigation is a factor of importance in the choice of a tax. If there are no complicating factors, a simple tax on sales seems to be one of the forms of excise tax most easily sustainable under the Tennessee Constitution. Indeed, Tennessee at an early date had a sales tax which apparently met with court approval.

The most inclusive authority upon which to base an excise tax in Tennessee is the clause which states that "the …

Constitutionality Of Additional Assessments Necessitated By The Delinquency Of Some Land Owners In A Special Assessment District, Thomas A. Thomas

Vanderbilt Law Review

Most states have constitutional provisions requiring expressly or in effect, equality and uniformity of taxation. Under these constitutional requirements, it is usually held that the legislatures acting under their general taxing power, are not prohibited from making geographical classifications for purposes of taxation so long as they are reasonable and based upon a substantial distinction. However, the equality and uniformity provisions do require that all members of the same class be taxed alike. This limitation does not require meticulous adjustments to avoid incidental hardships upon some member of the same class, but requires only substantial uniformity. Since special assessments are …

Improper Accumulation Of Surplus, W.E. Norvell Jr.

Vanderbilt Law Review

Section 102 of the Internal Revenue Code, as amended, levies an additional or surtax on corporations. Said Section 102 is entitled "Surtax on Corporations Improperly Accumulating Surplus." However, this title is slightly misleading, in that the purpose is the criterion. Section 102 (a) levies the said additional tax upon the net income of every corporation (other than a personal holding company or a foreign personal holding company).

Taxpayer's Paradise In The Caribbean, Robert M. Baker, James E. Curry

Vanderbilt Law Review

A new industrial tax exemption statute became law in Puerto Rico on May 12, 1947. This island possession of the United States, located eight hours away from New York's LaGuardia field is already free of all federal income taxation. In the past, this favorable factor in its competition with mainland communities has been offset to a large extent by a very heavy local income tax. But industrialists who operate under the new exemption will be free of both federal and insular income taxes, as well as property and other local taxes.

How Far Will Multi-State Death Taxation Go--Curry V. Mccanless Revisited, Thomas A. Thomas

Vanderbilt Law Review

It is the purpose of this comment to show how the death tax laws today affect the estate of a person who dies in one state leaving tangible or intangible personalty in another state, and also to recall the laws as they existed in the not too remote past and to surmise what they will be tomorrow in the light of recent trends.