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Articles 91 - 120 of 172
Full-Text Articles in Taxation-Federal
Taxation - Federal Income Tax Deductibility Of Interest On Debentures Issues As A Dividend, Jules M. Perlberg
Taxation - Federal Income Tax Deductibility Of Interest On Debentures Issues As A Dividend, Jules M. Perlberg
Michigan Law Review
Taxpayer, a wholly-owned subsidiary corporation, had filed consolidated returns with its parent prior to 1934. When Congress abolished consolidated returns in that year, the subsidiary issued 6% debentures as a dividend to the parent company and subsequently deducted the interest paid on these bonds. The Commissioner claimed the interest payments were really dividends and were not deductible. The Tax Court upheld the Commissioner pointing out the tax-saving motive, absence of new investment, and parent-subsidiary relationship as factors indicating that no genuine debtor-creditor relationship existed. On appeal, held, reversed. The debentures involved were conventional in form and created a valid …
Taxation - Federal Income Tax - Secret Withdrawals Of Corporate Receipts By Stockholders As Income In Absence Of Surplus, Kenneth H. Haynie S.Ed.
Taxation - Federal Income Tax - Secret Withdrawals Of Corporate Receipts By Stockholders As Income In Absence Of Surplus, Kenneth H. Haynie S.Ed.
Michigan Law Review
As sole stockholder of the Robbins Tire and Rubber Company, the defendant managed and controlled the affairs of the corporation. Over a period of years he intercepted the company's receipts from several of its large customers and diverted them to his own use. No entries of such receipts were made on the books of the company, nor was any tax paid on them. Defendant was convicted for attempted evasion of his personal income tax on these funds. On appeal, held, affirmed. Taxation is concerned with actual command over property: If does not matter whether defendant got the funds as …
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Michigan Law Review
The purpose of this comment is to analyze the rationale, in terms of both statutory construction and policy, of the theory that only a choate garnishment lien is superior to a subsequent tax lien.
Taxation - Federal Income Tax - Damages For Injury To Business As Return Of Capital Or Income, Eric Bergsten S.Ed.
Taxation - Federal Income Tax - Damages For Injury To Business As Return Of Capital Or Income, Eric Bergsten S.Ed.
Michigan Law Review
The taxpayers, owners of two movie theatres, recovered $36,000 in a compromise settlement of a Clayton Act suit against the major distributors and exhibitors. The taxpayers claimed that the amount received was a return of capital. The Commissioner claimed the amount received represented the recovery of lost profits. Held, Commissioner upheld. The evidence presented did not warrant a finding that any part of the sum recovered represented a return of capital. Chalmers Cullins, 24 T.C. 322 (1955).
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Taxation-Federal Income Tax-Automobile Received As Prize In Sales Agency Drawing Not Income, Arthur M. Wisehart S.Ed.
Michigan Law Review
An automobile agency, as a means of publicizing its new models, advertised that it would give a new car to one of the persons visiting its showroom on a certain day. When plaintiff visited the showroom on the day specified, an employee of the agency took her name, wrote it on a slip of paper, and deposited it in a barrel. Plaintiff's name was drawn from the barrel and she received the automobile. Plaintiff did not include the value of the prize in computing her gross income for tax purposes, and a deficiency was assessed against her. Unsuccessful in her …
Taxation - Federal Income Tax - Treatment Of Gains From Commodity Futures Transactions Of Manufacturing Consumer, Neil Flanagin S.Ed.
Taxation - Federal Income Tax - Treatment Of Gains From Commodity Futures Transactions Of Manufacturing Consumer, Neil Flanagin S.Ed.
Michigan Law Review
Taxpayer, a manufacturer of products made from corn, purchased and sold corn futures contracts as a part of its regular buying program in order to protect itself against a possible shortage of raw materials. Taxpayer contended that the gains realized on these transactions should receive capital asset treatment. The Tax Court and the court of appeals held that the gains constituted ordinary income. On appeal, held, affirmed. The transactions, though not true hedges, were entered into for business purposes and as an integral part of taxpayer's operations. Consequently, they should be treated the same as hedges, and the gains …
Taxation - Federal Income Tax - Deductibility Of Transportation Expenses Between Two Places Of Current Employment, George E. Ewing S.Ed.
Taxation - Federal Income Tax - Deductibility Of Transportation Expenses Between Two Places Of Current Employment, George E. Ewing S.Ed.
Michigan Law Review
Petitioner was employed as a high school principal by the city of Attleboro, Massachusetts, where he lived. He was also employed as an accounting instructor by Boston University, thirty-seven miles distant, two evenings a week for thirty-two weeks during the taxable year. He used his personal automobile to travel between the two cities and did not remain overnight in Boston. Neither employer expressly required him to incur any transportation expenses in connection with his teaching duties and there was no arrangement for reimbursement of transportation costs. The Tax Court affirmed the Commissioner's disallowance-- of a deduction for the automobile expenses …
Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Taxation - Federal Income Tax - Purchase By Network Of Corporation Producing Entertainer's Radio Show As Compensation To Entertainer, Jerome K. Walsh, Jr.
Michigan Law Review
Prior to 1947, Jack Benny produced a complete radio show for his sponsor, American Tobacco Company. In January 1947 Amusement Enterprises was incorporated with Benny taking 60 percent of the stock and the remainder going to three of his business associates. Amusement contracted with American to produce a complete radio show, exclusive of Benny's services, to be broadcast over the NBC network on Sunday evenings. Benny signed a separate contract with American as the star of the show. Under the American-Benny contract American could make no change in the time of the broadcast or the network facilities without Benny's approval. …
Taxation - Federal Income Tax - Stockholder's Contractual Duty To Creditors To Finance Corporation As A Business For Purposes Of Bad Debt Deduction, Norman A. Zilber S.Ed.
Taxation - Federal Income Tax - Stockholder's Contractual Duty To Creditors To Finance Corporation As A Business For Purposes Of Bad Debt Deduction, Norman A. Zilber S.Ed.
Michigan Law Review
In 1946 petitioner organized a wholly-owned corporation for the sole purpose of producing a single motion picture at the estimated cost of $175,000. He obtained loan commitments from two lending institutions for $170,000 in exchange for his agreement to increase the paid-in capital to $25,000 and to guarantee personally the financing of the completion of the picture should the budgeted funds prove inadequate. In addition, petitioner made further commitments to secure the institutions' loans. Eventually, $53,273.65 was advanced by petitioner to fulfill his obligations under the agreements. In 1948 the debt which the corporation owed him was deemed worthless and …
Taxation - Federal Income Tax - Renting Out A Single Home As A Trade Or Business For Purposes Of Capital Loss Carry-Over, Alice Austin S.Ed.
Taxation - Federal Income Tax - Renting Out A Single Home As A Trade Or Business For Purposes Of Capital Loss Carry-Over, Alice Austin S.Ed.
Michigan Law Review
Taxpayer, who was not in the real estate business and who was involved in only occasional real estate transactions, inherited a house which he rented out until he sold it at a loss. He treated the transaction as a capital loss, taking advantage of the capital loss carry-over provisions of the Internal Revenue Code. Deficiency assessments were levied against the taxpayer upon the theory that the loss sustained upon the sale of the house was an ordinary loss which could not be carried over to later years. Taxpayer paid the deficiency assessment and sued for a refund. The district court …
Taxation - Federal Income Tax - Punitive Damages And Recovered "Insider's Profits" Taxable As Income, Alice Austin S.Ed.
Taxation - Federal Income Tax - Punitive Damages And Recovered "Insider's Profits" Taxable As Income, Alice Austin S.Ed.
Michigan Law Review
In previous litigation one of the defendant taxpayers received punitive damages for fraud practiced upon it and both received treble damages for injuries to business caused by conduct in violation of the federal antitrust laws. The court of appeals affirmed the Tax Court's rulings that these receipts were not taxable as gross income. On certiorari to the Supreme Court, held, reversed. Money received as punitive awards is includible in gross income under section 22 (a), I.R.C. (1939). Commissioner v. Glenshaw Glass Co. and William Goldman Theatres, Inc., 348 U.S. 426, 75 S.Ct. 473 (1955).
Constitutional Law - Federal Immunity From State Taxation - Validity Of State Sales Tax Upon Purchases And Sales By National Banks, Julius B. Poppinga
Constitutional Law - Federal Immunity From State Taxation - Validity Of State Sales Tax Upon Purchases And Sales By National Banks, Julius B. Poppinga
Michigan Law Review
The 1949 revision of the Michigan Sales Tax Act changed the federal exemption provision so as to permit taxation of sales to corporations acting as agents or instrumentalities of the federal government but not wholly owned by the United States. Accordingly, defendant department of revenue took the position that sales to plaintiff, a national banking institution organized under the National Banking Act, are taxable. In the course of its operations, plaintiff purchases office equipment and other tangible personal property from Michigan. retailers. It also sells food and services to employees through its cafeteria, and sells repossessed merchandise to other parties. …
Legislation - Application Of Merchantile License Tax To Lawyers, Edward H. Hoenicke
Legislation - Application Of Merchantile License Tax To Lawyers, Edward H. Hoenicke
Michigan Law Review
The Philadelphia City Council passed an ordinance entitled "An Ordinance--To provide for revenue by imposing a mercantile license tax on persons engaging in certain businesses including manufacturing, professions, occupations, trades, vocations, and commercial activities in the City of Philadelphia. . . ." Under this ordinance the city required lawyers to register, pay a registration fee, and pay a tax on a percentage of their gross volume of business; thereupon, "mercantile licenses" were issued to them. The city charter required each ordinance to deal with one subject only and to express that subject in the title. The application of the ordinance …
Taxation - Federal Income Tax - Meals And Lodging Under The 1954 Code, John H. Mcdermott
Taxation - Federal Income Tax - Meals And Lodging Under The 1954 Code, John H. Mcdermott
Michigan Law Review
Before discussing the application of the 1954 Internal Revenue Code with regard to the taxability of meals and lodging furnished an employee by his employer, several fundamental tax concepts should be examined. The first of these involves the definition of gross income, which for many years has been cast in broad statutory language. For example, section 22(a) of the 1939 Internal Revenue Code provided that gross income includes " ... gains, profits, and income derived from salaries, wages, or compensation for personal service ... of whatever kind and in whatever form paid .... " Comprehensive as these terms appear, gross …
Taxation - Federal Income Taxation - Problems Created By The Complex Trust Provisions Of The 1954 Code, Harvey A. Howard S.Ed.
Taxation - Federal Income Taxation - Problems Created By The Complex Trust Provisions Of The 1954 Code, Harvey A. Howard S.Ed.
Michigan Law Review
This comment will not be expository of all of the trust provisions but rather will attempt to deal with some of the more important interpretative difficulties likely to be encountered in the new law involving the taxation of the income of those trusts which may accumulate income, distribute corpus, or pay or set aside amounts for charitable purposes. It will be assumed that the reader is familiar with the basic statutory pattern of the trust sections of the new code.
Taxation - Federal Income Tax - Corporate Accumulations, Stock Dividends And The "Preferred Stock Bail-Out," And Taxability Of The Corporation Upon The Distribution Of "Inventory Assets" Under The Internal Revenue Code Of 1954, Alice Austin S.Ed.
Michigan Law Review
It is the purpose of this discussion to indicate, with respect to corporate accumulations and distributions, some of the major interpretative problems existing under the 1939 code which Congress has failed to resolve, as well as some of the major interpretative difficulties which arise for the first time under the 1954 code.
Taxation - Federal Income Tax - Extent To Which A Dividend In Kind Is Ordinary Income Under The Internal Revenue Code, Alice Austin S.Ed.
Taxation - Federal Income Tax - Extent To Which A Dividend In Kind Is Ordinary Income Under The Internal Revenue Code, Alice Austin S.Ed.
Michigan Law Review
Taxpayer, a corporate shareholder, received from the corporation a distribution of property which had appreciated in value over its adjusted cost. The earnings and profits of the corporation were sufficient to cover the adjusted cost of the property distributed, but were not sufficient to cover its full fair market value at the time of distribution. The Tax Court held that the fair market value of the distribution was taxable as a dividend only to the extent of the corporation's earnings and profits. On appeal, held, reversed. In determining whether a distribution in kind is a dividend under section 115(a), …
Michigan Title Examinations And The 1954 Revenue Code's New General Lien Provisions, L. Hart Wright
Michigan Title Examinations And The 1954 Revenue Code's New General Lien Provisions, L. Hart Wright
Michigan Law Review
Title examiners, and more particularly their clients, have long suffered from a controversy-limited almost exclusively to Michigan- involving the methods by which the United States Treasury Department could perfect general federal tax liens. The December 1952 issue of the Michigan Law Review carried an article by the present writer pointing up the irreconcilable difference which has existed for a quarter of a century between the type of record notice which the Treasury was willing to provide prospective bona fide purchasers et al., and the quite different and more demanding type which the Michigan Legislature insisted upon if the local offices …
Taxation - Federal Income Tax - Deferred Compensation As Affected By Constructive Receipt Doctrine, David D. Dowd, Jr. S.Ed.
Taxation - Federal Income Tax - Deferred Compensation As Affected By Constructive Receipt Doctrine, David D. Dowd, Jr. S.Ed.
Michigan Law Review
Prior to his retirement as a general agent of a life insurance company, the petitioner entered into a new contract with the company by which he was to receive upon retirement fixed monthly instalments for fifteen years in lieu of his original contract rights to receive renewal premium commissions as they were paid into the company. Petitioner, as a cash basis taxpayer, reported as income only the instalments received. The Commissioner assessed deficiencies in the reports, contending that petitioner's taxable income consisted of all renewal commissions received by the company during the taxable year, rather than the instalment payments. Rejecting …
Federal Taxation: Perspective During The Fifth Decade, J. W. Riehm
Federal Taxation: Perspective During The Fifth Decade, J. W. Riehm
Michigan Law Review
Since the enactment of the income tax provisions of the Tariff Act of October 3, 1913 forty years have elapsed within which we have seen a profound change in the revenue system of our federal government, the growth of a great new branch of public law, the development of a highly specialized field of legal practice and the publication in legal periodicals of innumerable articles on the subject of taxation. Tax men can, with great pride, point out that technical proficiency has done an amazing job of keeping pace with the rapid expansion of the system from the utilization of …
Taxation-Federal Income Tax-Limited Deductibility Of Entertainment Expenses, David W. Belin S.Ed.
Taxation-Federal Income Tax-Limited Deductibility Of Entertainment Expenses, David W. Belin S.Ed.
Michigan Law Review
In the sophisticated commercial world of today there are many expenses that might be termed of a "mixed complexion," having elements of both a business and non-business character. Nowhere is this better exemplified than in the area of entertainment expenses. Though one may assume that it should be the policy of the courts to allow full and fair deduction of business expenses in general, many difficulties arise regarding expenditures for entertainment purposes. In virtually all entertainment there is personal enjoyment of a social nature by the taxpayer as well as potential business value. Furthermore, what business value there is will …
Taxation-Federal Income Tax-Tax Avoidance By Use Of Preferred Stock ''Bail-Out", Raymond R. Trombadore S.Ed.
Taxation-Federal Income Tax-Tax Avoidance By Use Of Preferred Stock ''Bail-Out", Raymond R. Trombadore S.Ed.
Michigan Law Review
In 1946 petitioner received a pro-rata dividend of preferred stock of the distributing corporation, paid on its voting common, the only class of stock then outstanding. The dividend stock was immediately sold to certain insurance companies pursuant to prior informal agreements between the insurance companies, the corporation, and the shareholders. Provision was made for the mandatory redemption of the preferred stock over a period of eight years. The transactions were the culmination of a series of negotiations intended to eliminate the large accumulated surplus of the corporation, in order to avoid the imposition of a penalty surtax thereon. In reporting …
Taxation - Federal Income Tax - Deductibility Of Expenses Incurred By Attorney In Attending Tax Institute, John E. Riecker S.Ed.
Taxation - Federal Income Tax - Deductibility Of Expenses Incurred By Attorney In Attending Tax Institute, John E. Riecker S.Ed.
Michigan Law Review
Petitioner was a member of a firm of lawyers engaged in general practice in Binghamton, New York. The firm did enough work in federal taxation to warrant petitioner's specializing in this field, and his partners relied upon him to keep abreast of all significant developments in tax law. Petitioner attended the Fifth Annual Institute on Federal Taxation, conducted in New York City under the sponsorship of New York University and designed exclusively for practitioners and specialists in the tax field. He incurred expenses for travel, board, lodging, and tuition, all of which he deducted as ordinary and necessary business expenses …
Taxation - Federal Income Tax - Exchange Of Debentures For Preferred Stock As Tax-Free Reorganization, Raymond R. Trombadore S.Ed.
Taxation - Federal Income Tax - Exchange Of Debentures For Preferred Stock As Tax-Free Reorganization, Raymond R. Trombadore S.Ed.
Michigan Law Review
Plaintiff held common and preferred stock of the Gulf States Paper Corporation. In 1942 plaintiff received new debentures in exchange for his preferred stock, pursuant to a plan for the recapitalization of the company whereby the entire 25,000 shares of previously outstanding preferred stock (including plaintiff's 208 shares) were exchanged for new debentures of like value. In 1950 the Commissioner assessed an income tax deficiency against plaintiff, determining that the redemption and cancellation of the preferred stock represented a distribution essentially equivalent to the distribution of a dividend and taxable under section 115(g)(1) of the Internal Revenue Code. Plaintiff sued …
Taxation - Federal Income Tax - Deductibility By An Employee Of Sum Paid In Settlement Of Claim Arising From His Operation Of Automobile Used In Company's Business, Richard B. Barnett S.Ed.
Taxation - Federal Income Tax - Deductibility By An Employee Of Sum Paid In Settlement Of Claim Arising From His Operation Of Automobile Used In Company's Business, Richard B. Barnett S.Ed.
Michigan Law Review
Petitioner and one Elkins were employed by a corporation which they had organized to engage in the electrical contracting business. They furnished their own automobiles to transport men and material from job to job, and were reimbursed by the corporation for operating expenses. The corporation also paid for insurance and repairs of the automobiles. While Elkins was using petitioner's car to drive two employees to a job in progress, a collision occurred causing personal injuries to the two employees, who recovered a judgment against petitioner which he finally settled by payment of $4,000 in excess of the amount of the …
Taxation - Federal Income Tax - Consequences To Seller And Buyer Of Covenant Not To Compete, Richard B. Barnett S.Ed.
Taxation - Federal Income Tax - Consequences To Seller And Buyer Of Covenant Not To Compete, Richard B. Barnett S.Ed.
Michigan Law Review
The owners of the entire capital stock of a newspaper business received an offer of $1,000,000 for their stock and a covenant not to compete with buyers for ten years. After the offer was accepted and the contract of sale drawn up, buyer asked for a clause in the contract evaluating the covenant not to compete at $50 a share and the stock at $150 a share in order to help him taxwise. The clause was accepted with little discussion. The sellers reported the entire proceeds of the sale on their income tax returns as long term capital gain, but …
Taxation - Federal Income Tax - Exemplary Damages As Taxable Income To Recipient, Eliot Gerber S.Ed.
Taxation - Federal Income Tax - Exemplary Damages As Taxable Income To Recipient, Eliot Gerber S.Ed.
Michigan Law Review
Petitioner, a motion picture exhibitor, sued certain motion picture distributors under the private remedy provisions of the federal antitrust acts. Judgment was had against the distributors for treble damages. Upon failure of petitioner to report as income the amount recovered above its actual loss of profits, the Commissioner determined deficiencies in petitioner's income tax. Held, the amount recovered above actual loss of profits was exemplary damages and not taxable income. William Goldman Theatres, Inc., 19 T.C. 637 (1953).
Taxation - Federal Income Tax-What Constitutes Accident Or Health Insurance Under Section 22(B)(5)-, Marvin O. Young
Taxation - Federal Income Tax-What Constitutes Accident Or Health Insurance Under Section 22(B)(5)-, Marvin O. Young
Michigan Law Review
Plaintiff brought this action to recover federal income tax paid by him for the year 1945 on a sum of $1800 which plaintiff received from his employer pursuant to a "free" sickness benefits plan which plaintiff's employer had in effect, claiming that this amount was excludable from gross income under section 22(b)(5) as "amounts received through accident or health insurance." Plaintiff's employer was an insurance company with authority to write health and accident insurance, and "free" protection was given to all full-time salaried home and branch office employees who could pass a satisfactory medical examination. Many ordinary features of a …
Taxation-Federal Income Tax-Constitutionality Of The Clifford Regulations, Robert G. Russell S.Ed.
Taxation-Federal Income Tax-Constitutionality Of The Clifford Regulations, Robert G. Russell S.Ed.
Michigan Law Review
Taxpayer created a five year irrevocable trust on December 1, 1941 for the benefit of a charitable foundation. She retained a reversion in the corpus but disclaimed any right to income. She did not retain, directly or indirectly, any interim control over the corpus or income. On December 1, 1942 the term of the trust was extended to December 1, 1951. Taxpayer did not report the income of the trust in her return. The Commissioner assessed deficiencies for 1946 claiming that the trust was for a term of nine years and that under the new ten year rule, the income …
Judicial Techniques In Combating Tax Avoidance, Ralph S. Rice
Judicial Techniques In Combating Tax Avoidance, Ralph S. Rice
Michigan Law Review
There is no problem today more fundamental in federal tax law than the rationale (or lack of it) that underlies the conduct of the courts in striking down tax avoidance devices and refusing to recognize business arrangements which meet statutory requirements for tax saving but exude an odor piscatorial.