Taxation-Federal Commons^™

Treatment Of Income Tax Refunds In Bankruptcy After Lines V. Frederick, Michigan Law Review Dec 1973

The Employee's Home Office Deduction: The Problem Of Duplicate Facilities, Michigan Law Review Dec 1973

Income Tax "Loopholes" And Political Rhetoric, Boris I. Bittker May 1973

The Real Estate Investment Trust: State Tax, Tort, And Contract Liabilities Of The Trust, Trustee, And Shareholder, Michigan Law Review Mar 1973

Rhoades: Income Taxation Of Foreign Related Transactions, Alan G. Choate Nov 1972

Deferred Compensation Arrangements Under Section 83 Of The Internal Revenue Code: Is Restricted Property Still A Viable Means Of Compensation?, Michigan Law Review May 1972

Federal Income Taxation--Section 165 (C) Loss Allowed For Securities Loaned To Brokerage Firm That Subsequently Became Insolvent And Sold The Securities To Meet The Claims Of Creditors--Stahl V. United States, Michigan Law Review Dec 1971

Kahn: Basic Corporate Taxation, John C. Chommie Jan 1971

Civil Rights--Segregation--Federal Income Tax: Exemptions And Deductions--The Validity Of Tax Benefits To Private Segregated Schools, Michigan Law Review Jun 1970

Income Tax: Corporate Distribution--Tax Benefit Rule Does Not Qualify The Explicit Nonrecognition Of Gain Provision Of Section 337--Anders V. Commissioner, Michigan Law Review May 1969

Income Tax: Corporations--Incorporated Professional Service Organization Taxable As A Corporation; Kintner Regulations Held Invalid--Empey V. United States, Michigan Law Review Feb 1968

Income Tax--Capital Gains Tax--Meaning Of "More Than 80 Percent In Value Of The Outstanding Stock" Under Section 1239, Michigan Law Review Jan 1968

(F) Reorganizations And Proposed Alternate Routes For Post-Reorganization Net Operating Loss Carrybacks, Michigan Law Review Jan 1968

Income Tax--Listing Abandoned Residence For Sale And Not For Rent Considered Sufficient To Convert To "Property Held For The Production Of Income"--Hulet P. Smith, Michigan Law Review Jan 1968

Income Tax--Recovered Property Previously Deducted Included In Gross Income In Year Of Recovery--Alice Phelan Sullivan Corp. V. United States, Michigan Law Review Dec 1967

Income Tax- Corporations-Legal Expenses Incurred In Sale Of Assets Pursuant To A Section 337 Liquidation Are Deductible-United States V. Mountain States Mixed Feed Co., Michigan Law Review May 1967

Income Tax- Corporations-Legal Expenses Incurred In Sale Of Assets Pursuant To A Section 337 Liquidation Are Deductible-United States V. Mountain States Mixed Feed Co., Michigan Law Review

Michigan Law Review

---

In 1961, the stockholders of the Mountain States Mixed Feed Co. voted to liquidate the corporation in such a way as to comply with the requirements of section 337 of the Internal Revenue Code of 1954 (Code). That section provides that if a corporation adopts a plan of complete liquidation, and then within twelve months distributes all its assets, it will not recognize a gain or loss for income tax purposes from the sale or exchange of certain types of property. The corporation sold all of its assets and qualified for non-recognition treatment under section 337. It then claimed a …

---

Go to article

Gilmore: Security Interests In Personal Property, Jerry P. Belknap Apr 1967

Gilmore: Security Interests In Personal Property, Jerry P. Belknap

Michigan Law Review

---

A Review of Security Interests in Personal Property 2 vols. By Grant Gilmore

---

Go to article

Security Aspects Of The Abc Transaction, John T. Schmidt Apr 1967

Security Aspects Of The Abc Transaction, John T. Schmidt

Michigan Law Review

---

In recent years, investments in subterraneous oil and gas have become a common addition to the investment portfolios of national financial institutions. Relying on the assurances of reputable geological studies, traditionally conservative financers have invested amounts ranging up to several hundred million dollars against collateral once accepted only by speculators and a few adventurous oil-country bankers. The increased interest in these investments is in part attributable to the development of the ABC method of financing the purchase of producing oil and gas properties. This method offers unique tax advantages, which have been discussed elsewhere, but also creates problems for the …

---

Go to article

The Definition Of "Domestic Building And Loan Association"--Final Tax Regulations, Paul E. Goodspeed Apr 1965

The Definition Of "Domestic Building And Loan Association"--Final Tax Regulations, Paul E. Goodspeed

Michigan Law Review

---

It will be the purpose of this discussion to examine the newly adopted regulations and to evaluate their effects in the light of congressional intent regarding the statutory definition. Special emphasis will be placed on the quantitative tests established in the regulations, with respect to which two changes will be proposed.

---

Go to article

Personal Holding Companies And The Revenue Act Of 1964, Jerome B. Libin Jan 1965

Personal Holding Companies And The Revenue Act Of 1964, Jerome B. Libin

Michigan Law Review

---

By 1964, many years had elapsed since significant changes were made in the federal income tax treatment of so-called "personal holding companies." For that reason alone, any amendments contained in the Revenue Act of 1964 that dealt with personal holding companies would have deserved attention. But the fact is that the changes made by the 1964 Act are so powerful in their thrust that they require the most careful kind of study by every practitioner charged with advising closely held corporations. Since the new provisions are rather complicated in nature, such a study cannot lead to a full understanding of …

---

Go to article

Actual Expenses Of Ohio Utility Are Considered In Computing Rates Even Though The Hypothetical Company Technique Is Used-General Tel. Co. V. Public Util. Comm'n, Michigan Law Review Dec 1964

Actual Expenses Of Ohio Utility Are Considered In Computing Rates Even Though The Hypothetical Company Technique Is Used-General Tel. Co. V. Public Util. Comm'n, Michigan Law Review

Michigan Law Review

---

The Public Utilities Commission of Ohio established rates for plaintiff telephone company. In determining the gross annual revenues to which the company was entitled, the Commission allowed, as an item of expense, 112 thousand dollars less for federal income tax than the company would actually be required to pay during the year in question. The allowance for taxes was calculated by following the so-called "hypothetical company" formula as apparently required by a recent line of Ohio Supreme Court decisions. On direct appeal to the Ohio Supreme Court, held, order reversed, two judges dissenting. The utility company should be allowed …

---

Go to article

Taxation-Federal Tax Liens-Section 6321 Of The Internal Revenue Code As Basis For Injunction Binding Assets Of Foreign Branch Of American Bank, Gerald J. Laba Apr 1964

Taxation-Federal Tax Liens-Section 6321 Of The Internal Revenue Code As Basis For Injunction Binding Assets Of Foreign Branch Of American Bank, Gerald J. Laba

Michigan Law Review

---

The Commissioner of Internal Revenue issued jeopardy assessments against the taxpayer, Omar, S.A., a Uruguayan corporation. To avoid payment, Omar began to liquidate its American-held assets by transferring receipts out of the country. Pursuant to its statutory right, under section 6321 of the Internal Revenue Code of 1954, to impose a lien upon all property of a delinquent taxpayer, the United States brought suit against Omar and various New York banks in the domestic and foreign branches of which Omar's funds were deposited. The district court granted a preliminary injunction restraining certain of the banks from transferring any property whether …

---

Go to article

Federal Income Tax-Definition Of Collapsible Corporation, John E. Mogk Mar 1964

Federal Income Tax-Definition Of Collapsible Corporation, John E. Mogk

Michigan Law Review

---

In 1948 petitioner and several other taxpayers, who had previously been active in constructing homes, formed two corporations to build apartment houses. As a result of decreases in the price of building materials and savings on labor and architectural costs, each corporation was left, after completion of construction, with borrowed funds which exceeded costs of construction. In the year following completion of construction the taxpayers distributed the excess borrowed funds of the two corporations and then sold their stock in each at a substantial profit. Petitioner reported, his receipts from the distribution of the loan funds and the profit on …

---

Go to article

Federal Income Tax-Deductibilty Of Depreciation In Year Of Sale Where Sale Price Exceeds Adjusted Basis Of Asset, Paul A. Rothman Mar 1964

Federal Income Tax-Deductibilty Of Depreciation In Year Of Sale Where Sale Price Exceeds Adjusted Basis Of Asset, Paul A. Rothman

Michigan Law Review

---

Plaintiff sold all the assets used in its business, in the middle of a fiscal year, at a price in excess of their depreciated cost at the beginning of the year. When plaintiff purchased the assets in question, it intended to use them until they became scrap. The assets were sold as part of a going concern years before plaintiff originally intended to dispose of them. A depreciation deduction claimed in the year of the sale was disallowed. An additional assessment was paid, a claim for refund was denied, and this suit was instituted. Held, judgment for plaintiff. Depreciation …

---

Go to article

Taxation-Federal Tax Liens- First In Time Determines Priority Between State And Federal General Tax Lien, James B. Goodbody Jan 1964

Taxation-Federal Tax Liens- First In Time Determines Priority Between State And Federal General Tax Lien, James B. Goodbody

Michigan Law Review

---

The United States brought an action in a federal district court to foreclose a tax lien against a solvent taxpayer. Vermont held a lien against the same taxpayer for unpaid withholding taxes which antedated the federal lien, and was joined as a defendant. The state lien was authorized by a statute drawn practically verbatim from the federal tax lien statute. Thus both liens dated from a refusal to pay assessed taxes on demand, reached all interests in property of whatever nature, and were enforceable either by distraint or civil action. The state claimed priority as first in time. The United …

---

Go to article

Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii Jun 1963

Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii

Michigan Law Review

---

Plaintiff, a first mortgagee, instituted a foreclosure proceeding joining the mortgagors, a second mortgagee, several judgment creditors, and the United States Government. The Government's lien had been recorded subsequently to the first mortgage but had attached prior to the accrual of various local real estate taxes. Plaintiff's motion for summary judgment, that the premises be sold free of the United States lien but subject to all local real property taxes, was granted. After reversal on appeal, the court again granted summary judgment and effected the same distribution, this time by directing that all local real property taxes be paid as …

---

Go to article

Taxation-Federal Income Taxation-The Three-Party Sale And Lease-Back, Lawrence R. Velvel S.Ed. Apr 1963

Taxation-Federal Income Taxation-The Three-Party Sale And Lease-Back, Lawrence R. Velvel S.Ed.

Michigan Law Review

---

The so-called sale and lease-back device has long been the subject of judicial and governmental scrutiny. The Internal Revenue Service has recently decided to begin a more active campaign of enforcement against a certain three-party variation of the sale and lease-back device. The structure of this variation can be best understood by considering the following hypothetical situation.

---

Go to article

Taxation--Federal Income Tax--Treatment Of Nondistributable Capital Gains Of Domestic Trust With Foreign Beneficiaries, William C. Brashares Mar 1963

Taxation--Federal Income Tax--Treatment Of Nondistributable Capital Gains Of Domestic Trust With Foreign Beneficiaries, William C. Brashares

Michigan Law Review

---

Taxpayer, trustee of a domestic inter vivos trust, sued for a refund of United States income taxes paid on nondistributable capital gains of the trust. Trustee claimed that since all the beneficiaries of the trust were United Kingdom residents, this income was tax-exempt under the United States-United Kingdom tax convention provision that a United Kingdom resident "shall be exempt from United States tax on gains from the sale or exchange of capital assets." On appeal by the United States from a district court judgment for the trustee, held, reversed. Although distributable gains are allowed the exemption, long term capital …

---

Go to article

Taxation-Federal Income Tax-Enjoining Collection, D. Michael Kratchman S.Ed. Dec 1962

Taxation-Federal Income Tax-Enjoining Collection, D. Michael Kratchman S.Ed.

Michigan Law Review

---

Taxpayer sued to enjoin collection of federal insurance contributions and unemployment taxes with respect to certain fishermen who worked on boats operated by the corporate taxpayer. The Government contended that under the Internal Revenue Code an injunction could not be sustained on a showing of non-liability. The district court issued the injunction on the grounds that the tax was illegal because no employer-employee relationship in fact existed and that collection of the tax would ruin the corporation financially. The court of appeals affirmed, holding that a taxpayer may enjoin the collection of a federal tax when he shows its illegality …

---

Go to article

Taxation-Federal Income Tax- Taxpayer's Dividend To Shareholders Allowable As Amortizable Bond Premium Deduction, H. C. Snyder Jr., S.Ed. Nov 1962

Taxation-Federal Income Tax- Taxpayer's Dividend To Shareholders Allowable As Amortizable Bond Premium Deduction, H. C. Snyder Jr., S.Ed.

Michigan Law Review

---

In an effort to make an amount distributed to its shareholders tax deductible, taxpayer bought utility bonds which were selling at a large premium and which were callable on thirty days' notice. Taxpayer borrowed an amount equal to the lowest call price, mortgaged the bonds to secure the loan, and paid cash equal to the difference, i.e., the premium in this case. After holding the bonds for thirty days, taxpayer declared a dividend of the bonds and distributed them to its shareholders subject to the indebtedness. The shareholders sold the bonds, paid off the loan from the proceeds, and …

---

Go to article