Tax Law Commons^™

Income Tax--Corporate Liquidations--Deductability Of Legal Expenses, Gary L. Call

West Virginia Law Review

No abstract provided.

The Federal Collection Of State Individual Income Taxes, Nicholas J. Letizia

Fordham Urban Law Journal

States have traditionally relied on taxes to finance the expansion of services, and most states have enacted broad-based income taxes which yield additional revenue without raising tax rates. Federal grant-in-aid and revenue sharing funds also increase a state's fiscal resources and relieve pressure for additional taxes. Revenue Sharing was intended to replace restricted grants-in-aid and permit state and local governments to receive federal funds pursuant to an allocation basis which rewarded state and local tax efforts. An unutilized provision of Revenue Sharing provides for the optional piggybacking of state income taxes upon the federal income tax. The Internal Revenue Service …

Some Reflections On The State Taxation Of A Nonresident's Personal Income, Walter Hellerstein

Scholarly Works

With respect to the taxation of personal income, it was plain by 1940 that states were constitutionally free to tax residents on all personal income wherever earned and nonresidents on personal income earned within the state, even though these two principles, taken together, meant that an individual's income might be subject to double-taxation by different states. The Supreme Court, after toying with the idea for a decade, finally rejected the invitation to forge the due process clause into a tool for preventing multiple taxation and reverted to the ruling law of an earlier era that left the solution of such …

Income Tax--Tax Free Transfers To Controlled Corporations, Frederick L. Delp, James P. Holland

West Virginia Law Review

No abstract provided.

Alternative Gains Tax Treatments Of Decedents' Appreciated Capital Assets, D. Allen Grumbine

Vanderbilt Law Review

The present treatment of appreciated assets under section 1014' of the Code permits a great deal of accrued appreciation to escape the income tax. While decedents pay a greater estate tax because asset appreciation swells their estates, they pay no gains tax at death on this accrued appreciation. Moreover, the recipients of the decedent's property generally take a stepped-up basis for the property equal to its fair market value at the time of death. A great deal of criticism has been leveled at this system, and numerous proposals have been made for remedying the situation: imposition of a capital gains …

Comparison Of Major Tax And Legal Advantages Of Operating In An Unincorporated Form, Douglas A. Kahn

Book Chapters

As an introduction to the subject of this conference, several topics will be discussed. First, the tax and non-tax consequences of conducting business in a partnership form will be examined and compared with the consequences of doing business in a corporate form. The principle concern of this paper, however, is to examine the tax consequences of transferring property to a corporation, whether such transfer is made at the time the corporation is organized or at some subsequent date.

Deductibility Of Expenses For Child Care And Household Services: New Section 214, Alan L. Feld

Faculty Scholarship

It is increasingly common to find families composed of husband, wife and young children, where both husband and wife are gainfully employed. For some, this pattern is regarded as preferable to the older "ideal" family, where the husband was the sole breadwinner and the wife cared for the children, performed household chores and perhaps engaged in social or charitable activities. Where both spouses are gainfully employed, it is often necessary for the family to employ household help to care for the children and do the housework. These expenditures are "necessary" to the gainful employment of both spouses in the sense …

Mandatory Buy-Out Agreements For Stock Of Closely Held Corporations, Douglas A. Kahn

Articles

A buy-out of a shareholder's stock is a sale of his stock holdings in a specific corporation pursuatnt to a pre-existing contract. In recent years such arrangements have, deservedly, become an increasingly popular planning device for shareholders in closely held corporations; they make it possible to limit the class of potential shareholders, provide liquidity for the estate of a deceased shareholder, and establish a value for stock which has no active market. There are two popular categories of buy-out plans. If the prospective purchaser of a decedent's shares is the corporation that issued them, the plan is called an "entity …

Multiple Trusts And Income Tax Avoidance, James H. Oeser

Vanderbilt Law Review

Since the Revenue Act of 1916, the trust has been deemed a separate entity for income taxation purposes. Congress has thus sanctioned the use of the trust as a tax savings device. Under present law, a grantor may place cash or other income producing property in trust, thereby excluding the resulting income from his own tax liability. If the income is currently distributed to the beneficiary, the trust is treated as a conduit, and the beneficiary is taxed in the year of distribution. But where the income is accumulated, the tax is payable by the trust? When this "accumulation trust" …

Income Tax--Accumulation Of Earnings Tax

West Virginia Law Review

No abstract provided.

Income Taxes And The Computation Of Lost Future Earnings In Wrongful Death And Personal Injury Cases - Neff V. United States' Platisv. United States

Maryland Law Review

No abstract provided.

Judicial Tax Courts For The States: A Modern Imperative, William D. Dexter

University of Michigan Journal of Law Reform

There has been growing discontent among tax gatherers and taxpayers alike over the disposition of state and local tax disputes. Concern centers on the nature of appellate review and its availability irrespective of the tax involved or the amount or subject matter in controversy. In many jurisdictions the system of review in tax cases presents an unwieldy array of alternative administrative and judicial avenues of review which are confusing to the prospective tax appellant and destructive of economy and uniformity in the system. This article will assess the need for a specialized judicial court to review the initial disposition of …

Abstracts Of Recent Cases, Ward Day Stone Jr.

West Virginia Law Review

No abstract provided.

Policyholders' Interest Income From Life Insurance Under The Income Tax, Richard Goode

Vanderbilt Law Review

Life insurance policies usually combine pure insurance and saving features. This fact is recognized by the industry and by those who draw up national economic accounts but is not fully reflected in the income tax. None of the return on saving through life insurance is taxed to a policyholder prior to the maturity, redemption, or surrender of a policy. Part of the return, but apparently only a small fraction of the total, is taxed when policies mature for reasons other than the death of the insured or are redeemed or surrendered. Inasmuch as most forms of investment income are taxable, …

Self-Employed Individuals Retirement Act Of 1962, Frederick W. Whiteside Jr.

Kentucky Law Journal

No abstract provided.

Payments To Widows--Taxable Income?, Thomas L. Jones

Kentucky Law Journal

No abstract provided.

Constitutional Uniformity And Equality In State Taxation, Wade J. Newhouse

Michigan Legal Studies Series

The method of approach and arrangement of materials are developed during the course of the monograph. Therefore, it is not necessary to repeat them here. The purpose of the study is twofold. First, it should provide background material for constitutional revision. Second, it should aid counsel and court in deciding cases arising under existing constitutional limitations and state legislatures in drafting tax measures in such a way that pitfalls in existing limitations are avoided. The greater part of this monograph was prepared during a two year period from June 1951 to 1953, while I was a Research Assistant with the …

Disregarding The Corporate Entity For Income Tax Purposes, Edw. Glenn Sanderfur

Kentucky Law Journal

No abstract provided.

The Analogous Development Of The Fair Trade And Tax Limitation Movements, Frank E. Packard

Cleveland State Law Review

The Fair Trade Act, or resale price maintenance, movement began in 1913. The movement to limit federal income, gift, and estate tax rates to twenty-five per cent in peacetime commenced in 1939. The fair trade act movement was spearheaded by the American Fair Trade League. The federal income, gift, and estate tax rate limitation movement is spearheaded by the Western Tax Council.

Federal Income Taxes And The Civil Fraud Penalty, Raymond Whiteaker

Vanderbilt Law Review

The drive against tax evaders is now in full swing after a complete reorganization of the Internal Revenue Service, and the new Commissioner has promised an efficient enforcement of all revenue laws. Although the effective administration of the federal income tax rests primarily upon the willingness of the taxpayer voluntarily to disclose his correct income, Congress has provided certain civil and criminal penalties to punish those who have not fulfilled their obligations to the United States Treasury. This article will deal only with the administration and operation of the civil fraud penalty.

The most severe civil penalty that may be …

Federal Income Tax And Dealings In Real Estate, Donald Mcdonald, John W. Fawcett, Iii

Washington and Lee Law Review

No abstract provided.

The Sale Of Mortgaged Real Estate Under The Indiana Gross Income Tax: A Judicial Lesson In Semantics

Indiana Law Journal

No abstract provided.

Municipal Corporations--Charter Amendment-Submission Of Three Propositions In The Form Of One Question, Joseph M. Kortenhof S.Ed.

Michigan Law Review

The council of defendant city adopted a resolution whereby the city charter was to be amended to authorize a limitation of I% per annum on property taxes, an excise tax of 1% per annum on salaries, commisions and profits of both nonresidents and residents, and disposition of the monies received by the income tax. The proposed charter revision was approved by the qualified electors by a margin slightly less than two to one. The plaintiffs, electors and residents of the city, obtained an injunction against enforcement of the charter amendment. On appeal, held, affirmed. The charter revision was ineffectual …

Medical Deduction: Scope And Purpose

Indiana Law Journal

No abstract provided.

Death And Taxes-Code Section 126 And The Developing Taxable Income Concept

Indiana Law Journal

No abstract provided.

Taxation Of Royalties Received By The Employed Inventor

Indiana Law Journal

No abstract provided.

Federal Taxation Sale Of A Partnership Interest - A Capital Gain?

Indiana Law Journal

No abstract provided.

Taxation--Income Taxes--Negligence Penalty, P. N. B.

West Virginia Law Review

No abstract provided.

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 …

Practical Farm Tax Problems, Walter B. Keaton

Indiana Law Journal

No abstract provided.