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Articles 301 - 330 of 337
Full-Text Articles in Taxation-Federal
Taxation-Income Tax-Taxable Persons--Assignment Of License Royalties, J. R. Mackenzie S.Ed.
Taxation-Income Tax-Taxable Persons--Assignment Of License Royalties, J. R. Mackenzie S.Ed.
Michigan Law Review
X contracted with a corporation controlled by him for the manufacture of machines on which he held patents. No minimum was established with respect to production or the payment of royalties. The contracts were terminable by either party upon notice, and X was free to make similar contracts with other manufacturers. X assigned all his interest in the contracts and exclusive title and power over the royalties to his wife, who thereafter received all payments and reported them as her income. The Tax Court ruled that since X could cancel the contracts directly, and could indirectly control the contracts through …
The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon
The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon
Michigan Law Review
The community property system has always been a thorn in the side of the federal tax structure. The theory that husband and wife have equal, vested, undivided one-half interests in property held by them as tenants in community, when given effect for federal tax purposes, has resulted, because of our system of graduated rates, in substantial income, estate and gift tax advantages in favor of residents of community property states over their neighbors in non-community property states. Attempts to change this situation as to federal income taxation proved uniformly unsuccessful. However, success was achieved in the field of federal estate …
Taxation-Federal Income Tax-Claim For Refund-Statute Of Limitations, Samuel N. Greenspoon S.Ed.
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 …
Kennedy: Federal Income Taxation Of Trusts And Estates, Michigan Law Review
Kennedy: Federal Income Taxation Of Trusts And Estates, Michigan Law Review
Michigan Law Review
A Review of FEDERAL INCOME TAXATION OF TRUSTS AND ESTATES. By Lloyd W. Kennedy.
Significant Developments In The Law Of Federal Taxation, 1941-1947: Ii, Paul G. Kauper
Significant Developments In The Law Of Federal Taxation, 1941-1947: Ii, Paul G. Kauper
Michigan Law Review
The 1941 Revenue Act carried forward the rather complex normal tax structure prescribed by the 1940 Revenue Act and in addition introduced a corporate surtax rate schedule. The normal tax rates were increased to absorb the 10% defense tax previously imposed as a separate tax and also a very slight increase in the rates applicable to corporations with a normal-tax net income of less than $38,461.54. As so altered the normal tax amounted to 24% in the case of corporations having normal-tax net income over $38,461.54, and in the case of corporations having no more than this amount of normal-tax …
Res Judicata-Federal Income Tax Cases-Effect Of Past Decision As To Liability For Future Years, Margaret Groefesma
Res Judicata-Federal Income Tax Cases-Effect Of Past Decision As To Liability For Future Years, Margaret Groefesma
Michigan Law Review
This action was brought by the United States Government to compel the application of rental sums, due semi-annually by the Western Union Telegraph Company, as lessee, to the Northwestern Telegraph Company, as lessor, to the payment of the lessor's income tax indebtedness for the years 1927-1941. In a prior suit between the same parties for application of other rental sums, due under the same lease, to the lessor's income tax liability for the years 1917-1922, it was determined by the Circuit Court of Appeals of the Second Circuit that the government could not reach these rentals because by the terms …
Taxation - Federal Income Tax - Capital Gain On Sale Of Partnership Interest, Herbert Sott
Taxation - Federal Income Tax - Capital Gain On Sale Of Partnership Interest, Herbert Sott
Michigan Law Review
In 1936, a taxpayer sold his interest in a partnership the assets of which were mainly acquired subsequent to his entering the partnership in 1932. The government contended that the taxpayer acquired and disposed of an interest in specific partnership assets and that the period for determining the capital gains percentages was properly measured from the date of acquisition of the specific capital assets. In his suit for refund on part of the tax thus computed, the taxpayer claimed that the partnership was a separate juristic entity, that his interest therein was an intangible capital asset, and that the period …
Taxation - Federal Gift Tax - Integration With Income Tax, Katherine Kempfer
Taxation - Federal Gift Tax - Integration With Income Tax, Katherine Kempfer
Michigan Law Review
Beck in 1935 created an irrevocable funded insurance trust of $172,000 in securities together with seven policies of insurance on his life. The income from the securities was to be applied to pay the premiums on the policies and any surplus was to be distributed to his wife and daughter. At grantor's death the proceeds of the policies were to be added to the corpus of the trust and all income was to go to the same beneficiaries for life with remainders over. There was no possibility of reverter in the grantor and no right to alter, modify or revoke …
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Michigan Law Review
A number of questions dealing with the taxability of commercial annuity policies under death tax statutes have received judicial consideration. By contrast, only a few questions dealing with the taxability of these contracts under income tax laws have been raised before the courts. But the income tax problems are equally important in terms of tax liability. Moreover, they will in the future assume an even larger significance in view of the large number of annuity contracts of various types which have been issued and are now being offered by insurance companies. Accordingly some explanation of these problems is warranted.
Taxation - Federal Income Tax - Constructive Receipt Of Income By Lessor Corporation When Rents Paid Directly To Lessor's Stockholders, William H. Shipley
Taxation - Federal Income Tax - Constructive Receipt Of Income By Lessor Corporation When Rents Paid Directly To Lessor's Stockholders, William H. Shipley
Michigan Law Review
In 1864 the Joliet and Chicago Railroad Company made a perpetual lease without a defeasance clause of all of its property to another railroad company. Under the state law, the lease was a conveyance in fee. The lessee agreed to pay as rental an annual dividend of seven dollars a share on the then outstanding stock of the lessor, these payments to be made directly to the shareholders. The dividends paid by the lessee for the years 1931 to 1934 were taxed as income to the lessor, who now sues to recover the tax. Held, payments to the lessor's …
Federal Taxation Of Insurance Trusts, Allan F. Smith
Federal Taxation Of Insurance Trusts, Allan F. Smith
Michigan Law Review
The life insurance trust may take many forms and serve a variety of purposes, but for present purposes it may be defined as a trust, at least part of the corpus of which is a policy of life insurance, in which the duty of the trustee is to receive the proceeds of such policy and administer such proceeds as a trust. Such a trust, like any other, may be revocable or irrevocable, and may be funded or unfunded. These various types will be considered separately only where the tax results vary with the type. The present objective is to survey …
Paul's Studies In Federal Taxation, Third Series -A Review, Josiah Willard
Paul's Studies In Federal Taxation, Third Series -A Review, Josiah Willard
Michigan Law Review
This Third Series of Mr. Paul's Studies in Federal Taxation is a welcome addition to the literature on the subject. Too few members of the tax bar reduce their views on the subject to writing, and many of those who do apparently feel that they must never concede any merit to a contention of the treasury on any doubtful point, for fear that such a concession will be used against them by some treasury attorney in the future. On the other hand, many academic writers on the subject tend to assume that every decision in favor of the taxpayer represents …
Taxation - Federal Income Tax - Exemption Of Life Insurance Proceeds When Paid In The Form Of Annuity, Spencer E. Irons
Taxation - Federal Income Tax - Exemption Of Life Insurance Proceeds When Paid In The Form Of Annuity, Spencer E. Irons
Michigan Law Review
A taxpayer was the beneficiary of life insurance policies which required the insurance company to make fifty annual payments of $2,000 each. At the death of the insured in 1917, the commuted value of this obligation was $53,000. Prior to 1934, the taxpayer had received seventeen payments, aggregating $45,473.40, no part of which had been reported as income. For the year 1934, the taxpayer received $2,581.40, of which $2,000 was the annual payment, and $581.40 was an "excess interest" dividend. He again failed to include any of the amount in his gross income. The commissioner determined that under the Revenue …
Taxation - Federal Income Tax - Evasion Through Use Of The Corporate Entity, G. Randall Price
Taxation - Federal Income Tax - Evasion Through Use Of The Corporate Entity, G. Randall Price
Michigan Law Review
The taxpayer purchased A Company stock from X for $100,000 and later sold it for $7,500, deducting the loss in his tax return for that year. Following the discovery of fraud on the part of X he reacquired the stock for $8,000 and then negotiated a settlement with X providing for a resale to X for $100,000. To avoid high taxes on the resulting profit, the taxpayer organized B corporation and purchased all its stock. He then sold to it the A Company stock and all his claims against X in return for its promise to pay back the $100,000 …
Taxation - Federal Income Tax - Deductions - Loss Upon Sale To Corporation Wholly Owned By Taxpayer, G. Randall Price
Taxation - Federal Income Tax - Deductions - Loss Upon Sale To Corporation Wholly Owned By Taxpayer, G. Randall Price
Michigan Law Review
In 1932 the taxpayer sold to the X corporation, which he wholly owned and controlled, certain shares of stock in partial payment of a debt which he owed to X corporation. The selling price, which was the market value of the stock, was less than the stock had cost the taxpayer. It was found that the sale was entered into with the intent of creating a deductible loss and thus reducing the taxpayer's taxable income. In computing his taxable income for 1932, the taxpayer deducted the amount of the loss on the sale of this particular stock to his wholly …
Some Indicia Of Capital Transfers Under The Federal Income Tax Laws, Paul Harvey
Some Indicia Of Capital Transfers Under The Federal Income Tax Laws, Paul Harvey
Michigan Law Review
The fundamental difference between capital and income is recognized throughout the entire structure of the income tax law, and many decisions have distinguished between the two for the purpose of determining whether a given transaction comes within the meaning of the term "income" as used in the Sixteenth Amendment. But while recognizing the fundamental differences between capital and income, apparently the courts have been somewhat doubtful about advancing any broad, general statements by which specific transactions might be classified. While they have sometimes hesitated to call a specific item a capital transfer, they have, nevertheless, held numerous transactions involving the …
Constitutional Law - Validity Of State Occupation Tax On Contractors With The Federal Government, James H. Kilbourne
Constitutional Law - Validity Of State Occupation Tax On Contractors With The Federal Government, James H. Kilbourne
Michigan Law Review
The increasing burden of both federal and state taxation during the past decade has multiplied the attempts by some of those affected to establish, in the courts, immunity from certain taxes. The limitations of the power of the governments to tax have, then, special significance for one who seeks, in that fashion, to challenge the imposition of a tax on himself. Two cases recently decided by the Supreme Court involved one of those limitations-that which denies to the states the power to enforce a tax which impedes the exercise of the powers of the federal government.
Constitutional Law - Taxation - The Gerhardt Decision And Intergovernmental Tax Immunity, Allan A. Rubin
Constitutional Law - Taxation - The Gerhardt Decision And Intergovernmental Tax Immunity, Allan A. Rubin
Michigan Law Review
Recent decisions handed down by the United States Supreme Court this last term have to a large extent fulfilled the anticipations aroused by James v. Dravo Contracting Co. of an enlargement of the governmental powers to impose non-discriminatory taxes. Allen v. Regents of the University System of Georgia held valid the application of a general federal admissions tax to admissions to athletic contests conducted under the auspices of the regents of the University of Georgia, a state university. Helvering v. Mountain Producers Corp. decided that a lessee under an oil and gas lease of state school lands was not …
Taxation - Federal Income Tax - Non-Exemption Of Compensation Of State Employees Derived From Funds Of Liquidated Corporations, Gerald L. Stoetzer
Taxation - Federal Income Tax - Non-Exemption Of Compensation Of State Employees Derived From Funds Of Liquidated Corporations, Gerald L. Stoetzer
Michigan Law Review
The Commissioner of Internal Revenue assessed employees of a state or an instrumentality thereof for federal income tax, their compensation having been paid from funds of banks and insurance companies in the liquidation of which they were engaged. Held, that the tax was properly assessed against the taxpayers so engaged because (1) the compensation was paid out of assets of private corporations and (2) the business in which they were employed for the state was not in the discharge of essential governmental duties. Helvering v. Therrell, (U.S. 1938) 58 S. Ct. 539.
Taxation - Federal Income Tax - Payment To Employees As Compensation Or Gift, Ralph Winkler
Taxation - Federal Income Tax - Payment To Employees As Compensation Or Gift, Ralph Winkler
Michigan Law Review
The Universal Oil Products Company had been "extraordinarily successful," and its interests were very large and valuable. The stockholders transferred their stock to another corporation and the cash assets to the Unopco Corporation, an organization formed for the express purpose of managing this fund, whose stockholders were the same as of the former Universal Oil Products Company. At a stockholders' meeting, a resolution was adopted which in effect provided that a sum of money be allocated for payment to those employees who had loyally supported the former company. At the time this resolution was adopted the president of the new …
Taxation - Constitutionality Of Federal Admissions Tax As Applied To State Universities, Ralph W. Aigler
Taxation - Constitutionality Of Federal Admissions Tax As Applied To State Universities, Ralph W. Aigler
Michigan Law Review
In declaring invalid the federal tax so far as it applied to admissions to athletic contests conducted under the auspices of the Regents of the University System of Georgia, the United States District Court has added another very interesting case to the many involving immunity from taxation growing out of our dual system of government. The question arose early, and scores of cases have since been decided.
Constitutional Law - Retroactivity - Federal Stamp Tax On Profits Accruing From The Sale Of Silver Bullion, William J. Isaacson
Constitutional Law - Retroactivity - Federal Stamp Tax On Profits Accruing From The Sale Of Silver Bullion, William J. Isaacson
Michigan Law Review
Respondent purchased silver bullion on May 3, 1934, subsequently selling it on May 23 and 24. On the profits of this transaction he was required to pay a tax which he unsuccessfully attempted to have refunded. The Silver Purchase Act of June 19, 1934, imposed a fifty per cent tax consisting of stamps attached to the memorandum of sale on all profits arising from such transfers. The act further provided that the tax was to be applicable on all sales made on or after May 15, 1934. The court of claims upheld the respondent's contention that the act was unconstitutional …
Taxation - Exemption Of State Instrumentality From Federal Tax, Francis T. Goheen
Taxation - Exemption Of State Instrumentality From Federal Tax, Francis T. Goheen
Michigan Law Review
A federal statute provided that "Upon all tobacco and snuff manufactured or imported into the United States, and hereafter sold by the manufacturer or importer, or removed for consumption or sale, there shall be levied, collected, and paid . . . a tax of 18 cents per pound, to be paid by the manufacturer or importer thereof." The company received an order to deliver a quantity of tobacco to a hospital owned by the State of Massachusetts; the company complied by shipping tobacco which had been previously stamped in accordance with the regulations under the above statute. The state paid …
Taxation -Federal Estate Tax-Interpretation Of Loss From "Other Casualty", Virginia M. Renz
Taxation -Federal Estate Tax-Interpretation Of Loss From "Other Casualty", Virginia M. Renz
Michigan Law Review
The Federal Revenue Act provides that losses incurred during settlement of an estate should be deducted when they arise from "fires, storms, shipwreck, or other casualty." Losses to the estate of the testator of the petitioner were caused by Great Britain's going off the gold standard. The petitioners contend this was a casualty within the meaning of the Revenue Act. Held, the language is to be construed according to the rule of ejusdem generis. This casualty is not of the same general kind or class as those specifically mentioned and therefore not within the act. Lyman v. Commissioner of …
Taxatl0n - Liability Of Profit Made On Sale Of State Bonds To Federal Income Tax
Taxatl0n - Liability Of Profit Made On Sale Of State Bonds To Federal Income Tax
Michigan Law Review
Plaintiff, a resident of England, and defendant, a resident of New York, entered into a contract for the sale and delivery of zinc. By a clause in the contract the parties agreed that all differences arising thereunder should be arbitrated at London pursuant to the arbitration law of Great Britain. Differences arose, and the plaintiff requested the defendant in New York to concur in the selection of an arbitrator, serving notice that, in the event of failure so to do, application would be made for appointment of one as provided by statute. This notice was ignored, and a form of …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Carriers of Passengers - Duty to Stop at Station to Permit Passenger to Alight-Contributory Negligence of Passenger Plaintiff's intestate was riding in the front end of a crowded vestibule car in the coach next to the tender of the eengine. When the train stopped at his station he tried to leave by the front end, but found the door from the vestibule closed. As he did not know how to open it, or was unwilling to be carried by his station, he stepped from his platform to the bumper of the tender and tried to follow it to the side …
Note And Comment, George E. Longstaff, George L. Clark, Edwin D. Dickinson
Note And Comment, George E. Longstaff, George L. Clark, Edwin D. Dickinson
Michigan Law Review
Constitutionality of the LA Follette Amendment to the Internal Revenue Law of 1921 - The United States Senate on November 5, 1921, inserted in the Revenue Act, then before the Senate, a provision that taxpayers in their income tax returns must specify what state and municipal bonds they hold, or else be subject to a penalty of five per cent. That provision was dropped out in conference, but it will come up again, and it is well to look at its constitutionality under the Fourth Amendment to the Constitution prohibiting unreasonable searches.
Goodwill And Other Nondepreciable And Depreciable Intangible Property As Invested Capital, Frederick Thulin
Goodwill And Other Nondepreciable And Depreciable Intangible Property As Invested Capital, Frederick Thulin
Michigan Law Review
The subject of intangible property under the federal tax laws is somewhat misunderstood. Many errors of an important nature have undoubtedly been made in reference thereto. The purpose of this paper is to point out the situations as they often exist and to give practical suggestions as to how to handle them insofar as authorized by the law and the treasury decisions and regulations.
Domestic Corporate Tangible And Intangible Invested Capital, Frederick M. Thulin
Domestic Corporate Tangible And Intangible Invested Capital, Frederick M. Thulin
Michigan Law Review
With a tax law on the statute books that fixes a moderate flat rate of taxation on business income, no question of invested capital need be considered. The income tax laws of 1913 and 1916 and the flat rate or normal tax section of the 1917 law and the proposed 1918 law bear out this statement.
Corporate Earnings As Gains Profits And Income As Depending Upon The Time Of Their Accrual, Robert M. Drysdale, Maurice C. Mcgiffin
Corporate Earnings As Gains Profits And Income As Depending Upon The Time Of Their Accrual, Robert M. Drysdale, Maurice C. Mcgiffin
Michigan Law Review
The discussion here has to do with the earnings of corporations as taxable income, whether such earnings remain in the hands of the corporation accumulating them, or are distributed to the stockholders as dividends, the inquiry being limited, however, to the question of the time of their accrual as affecting their taxability.