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Articles 2671 - 2700 of 3037

Full-Text Articles in Taxation-Federal

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 …

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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

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Tax Legislation Of 1966, John E. Donaldson Mar 1967

Tax Legislation Of 1966, John E. Donaldson

William & Mary Law Review

No abstract provided.

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Unreasonable Accumulation Of Income By Foundations, Joel H. Feld Jan 1967

Unreasonable Accumulation Of Income By Foundations, Joel H. Feld

Cleveland State Law Review

Unreasonable accumulation of income was and still is one of the the common abuses found in some foundations. Prior to 1950 the Internal Revenue Service challenged foundation exemption by stating that unreasonable accumulations of income were evidence that the foundation was not organized for, or carrying out, a charitable purpose. The courts were reluctant to follow this theory, and gave the law a liberal interpretation in favor of the foundations. It was not until 1950 that Congress enacted Section 3814 of the Internal Revenue Code of 1939. The law is the same today in the Internal Revenue Code of 1954, …

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The Bootstrap Loophole: Can It Be Closed, Frank C. Fogl Jr. Jan 1967

The Bootstrap Loophole: Can It Be Closed, Frank C. Fogl Jr.

Cleveland State Law Review

The puropse of this paper is to review the history and background of bootstrap transactions and to determine: (1) Whether there is a need to close the bootstrap loophole; (2) If so, why this loophole has not been closed in the past; (3) Whether the Internal Revenue Code as it now exists contains provisions, if used, that can close this loophole; (4) If new legislation would be required to reach this end. A few key cases will be reviewed and analyzed, with major emphasis placed on the recent Clay Brown' decision, to show the attitude toward bootstrap transactions of both …

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Book Review, James T. Flaherty Jan 1967

Book Review, James T. Flaherty

Cleveland State Law Review

Reviewing Weston Vernor Jr., Lillian M. Vernor and James F. Walom, Federal Income Taxation of Individuals, Jooint Committee on Continuing Legal Education, 1967

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Special Treatment Of Cemeteries, David H. Getches Jan 1967

Special Treatment Of Cemeteries, David H. Getches

Publications

No abstract provided.

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Tax Treatment Of Condemnation Proceeds: An Analysis And Some Proposals For Reform, A. James Barnes, Jonathan A. Small Jan 1967

Tax Treatment Of Condemnation Proceeds: An Analysis And Some Proposals For Reform, A. James Barnes, Jonathan A. Small

Articles by Maurer Faculty

No abstract provided.

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Federal Legislation On State Taxation Of Interstate Commerce: Key Areas Of Controversy, Jerome R. Hellerstein Dec 1966

Federal Legislation On State Taxation Of Interstate Commerce: Key Areas Of Controversy, Jerome R. Hellerstein

William & Mary Annual Tax Conference

No abstract provided.

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A Commentary On 1966 Federal Tax Legislation, John E. Donaldson Dec 1966

A Commentary On 1966 Federal Tax Legislation, John E. Donaldson

William & Mary Annual Tax Conference

No abstract provided.

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Taxation-Legal Fees In Unsuccessful Criminal Defense Held Deductible As Business Expenses Sep 1966

Taxation-Legal Fees In Unsuccessful Criminal Defense Held Deductible As Business Expenses

Washington and Lee Law Review

No abstract provided.

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An Introduction To Capital Gain And Losses, Roland L. Hjorth Aug 1966

An Introduction To Capital Gain And Losses, Roland L. Hjorth

Washington Law Review

In this article, originally prepared for his class in federal income tax, Professor Hjorth explores the theoretical bases and working principles underlying the taxation of capital gains and losses. Beginning with a review of basic federal income tax concepts and the provisions governing computation and recognition of all gains and losses, he proceeds through a comprehensive discussion of the basic Code provisions governing capital gains and losses. Additional discussion focuses on the specialized treatment afforded quasi-capital assets, copyrights and patents, inventory, discount bonds, short sales, small business stock, and foreign corporations.

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Exemptions For Dependents: The Burden Of Proof Dilemma For Divorced Or Separated Parents, Anon Aug 1966

Exemptions For Dependents: The Burden Of Proof Dilemma For Divorced Or Separated Parents, Anon

Washington Law Review

Plaintiff, divorced and living apart from his former wife who had custody of their two sons, claimed dependency exemptions for both sons in his federal income tax returns for the two years in question. The Commissioner of Internal Revenue disallowed the exemption for one son in each of the two years. In affirming the Commissioner's determination, the Tax Court held that plaintiff failed to sustain the burden of proving that his contribution was more than half the total support of the children. Though able to establish the amount of his contribution, plaintiff could not prove the amount of support from …

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Anticipation Of Income, Paul A. Teschner Jul 1966

Anticipation Of Income, Paul A. Teschner

Indiana Law Journal

No abstract provided.

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The Holding Company As A Collapsible Corporation Under Section 341 Of The Internal Revenue Code, Louis A. Del Cotto Apr 1966

The Holding Company As A Collapsible Corporation Under Section 341 Of The Internal Revenue Code, Louis A. Del Cotto

Buffalo Law Review

No abstract provided.

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Federal Income Tax Liability—Exception To Marital Bankruptcy, Anon Apr 1966

Federal Income Tax Liability—Exception To Marital Bankruptcy, Anon

Washington Law Review

Mrs. Draper had incurred unpaid federal income tax obligations prior to her marriage to Delmar Draper, and the Internal Revenue Service levied on one-half of Mrs. Draper's wages during marriage. The Drapers brought suit as a marital community to quiet title to the salary levied on to satisfy the wife's premarital obligation, contending that the wife's wages were community property and, therefore, not subject to satisfaction for the premarital debt. Defendant's motion to dismiss was sustained. Held: One-half of a spouse's wages, even though community property, can be levied on to satisfy a premarital federal income tax liability. Draper v. …

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Taxation Of Corporate Stock Received By Sole Shareholders Upon Cancellation Of Salary Obligations, Anon Apr 1966

Taxation Of Corporate Stock Received By Sole Shareholders Upon Cancellation Of Salary Obligations, Anon

Washington Law Review

Randall and Fender, sole and equal shareholders of Fender Sales, Inc., twice cancelled equal salary debts owned to them by their corporation. As part of these transactions, the corporation issued $100 par value common stock for each $100 of salary debt owed. Neither the corporation, which had previously deducted the salary liabilities as expenses for federal income tax purposes, nor the individuals, who were cash basis taxpayers, reported any income as a result of these transactions. The Commissioner of Internal Revenue determined that the receipt of stock constituted taxable salary income to the individuals or, alternatively, that the cancellation resulted …

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Federal Tax Policy In The 1960'S, Stanley S. Surrey Apr 1966

Federal Tax Policy In The 1960'S, Stanley S. Surrey

Buffalo Law Review

No abstract provided.

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Loss Carryovers Under The 1954 Code: Rejection Of The Libson Shops Doctrine, Anon Jan 1966

Loss Carryovers Under The 1954 Code: Rejection Of The Libson Shops Doctrine, Anon

Washington Law Review

Taxpayer corporation, which had sustained losses in the hardware business, entered into an agreement with two partners engaged in real estate development whereby a department of real estate development was established within the corporation. Funds needed for the department's operations were furnished by the partners through the purchase of non-voting preferred stock valued at approximately two-fifths of the total value of the corporate stock. By the terms of the agreement, ninety percent of the profits of the department were to be distributed to the preferred stockholders. Voting control of the common stock was placed in a voting trust. Thereafter, the …

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Comments On Recent Cases: Federal Income Taxation - Alimony And Support Payments - Effect Of A Questionable Foreign Divorce, Edwin T. Hood Jan 1966

Comments On Recent Cases: Federal Income Taxation - Alimony And Support Payments - Effect Of A Questionable Foreign Divorce, Edwin T. Hood

Faculty Works

No abstract provided.

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Taxation Of Foreign Incorporated Pocketbooks With Nonresident Alien Shareholders, William D. Popkin Jan 1966

Taxation Of Foreign Incorporated Pocketbooks With Nonresident Alien Shareholders, William D. Popkin

Articles by Maurer Faculty

No abstract provided.

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Selected Significant Income Tax Developments In 1965, Leo A. Diamond Dec 1965

Selected Significant Income Tax Developments In 1965, Leo A. Diamond

William & Mary Annual Tax Conference

No abstract provided.

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Legal Fees For Unsuccessful Defense To Criminal Prosecution—An "Ordinary And Necessary" Business Expense?, Anon Oct 1965

Legal Fees For Unsuccessful Defense To Criminal Prosecution—An "Ordinary And Necessary" Business Expense?, Anon

Washington Law Review

Taxpayer, a securities dealer, was tried and convicted of mail fraud and of fraud under the 1933 Securities Act, and conspiracy to violate these statutes. Thereafter he claimed a tax deduction for legal costs incurred in his defense under the "ordinary and necessary" business expense provision in section 162 of the Internal Revenue Code. The deduction was disallowed by the Commissioner, and this ruling was sustained by the Tax Court. On appeal, the Second Circuit Court of Appeals reversed. Held: Public policy does not preclude the deduction of legal expenses incurred in an unsuccessful criminal defense arising out of, proximately …

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The Imputed Sale And Anticipatory Assignment Of Income Doctrines: Their Effect On Irc §§ 311 & 336, Thomas L. David Oct 1965

The Imputed Sale And Anticipatory Assignment Of Income Doctrines: Their Effect On Irc §§ 311 & 336, Thomas L. David

Buffalo Law Review

No abstract provided.

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Tax Depreciation Deductions In Year Of Sale Sep 1965

Tax Depreciation Deductions In Year Of Sale

Washington and Lee Law Review

No abstract provided.

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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.

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Federal Tax Liens: Evolution And Conflict With State Liens, Samuel Oppenheim Jan 1965

Federal Tax Liens: Evolution And Conflict With State Liens, Samuel Oppenheim

Duquesne Law Review

From the standpoint of the taxpayer, problems dealing with taxation consist primarily of what is taxable, how is it taxable, and to whom is it taxable with the desired result being to pay the legally justifiable minimum to the government. From the government's point of view, the primary problem is (or should be) to impose taxes among all citizens and residents in a fair and equitable manner. If we assume that this state of perfection has been attained, there is yet another problem-the collection of the tax due from the taxpayer to the government. An important tool in the hands …

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Federal Tax Returns As Evidence In Non-Tax Cases, Laurence Glazer Jan 1965

Federal Tax Returns As Evidence In Non-Tax Cases, Laurence Glazer

Cleveland State Law Review

Many cases deal with the use of Federal tax returns in non-tax cases. The inherent danger in subjecting tax returns to discovery at pre-trial and admission at trial, is the unnecessary disclosure of confidential information. Yet, when income tax returns are material and relevant to the claims of the parties litigant, a contention of privileged communication should not be used to defeat justice.

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Initial Impressions Of The Treasury Report On Foundations, Marcus Schoenfeld Jan 1965

Initial Impressions Of The Treasury Report On Foundations, Marcus Schoenfeld

Cleveland State Law Review

Very recently in the United States Treasury Department submitted its study of private foundations to Congress. This is the most recent development in an attempt to delineate the proper role of foundations and their donors in our society, and more particularly their proper tax treatment. Although it is much too soon to predict the effect of the Treasury Report, since Congress itself asked for the study, it is quite likely that some more restrictive legislation will result.

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Some Problems In Liquidating Personal Holding Companies, Elliott H. Kajan, Martin C. Spector Jan 1965

Some Problems In Liquidating Personal Holding Companies, Elliott H. Kajan, Martin C. Spector

Cleveland State Law Review

Ordinarily, distributions by a personal holding company qualify for the dividends paid deduction only if they are "dividends" under section 316. However, certain distributions in liquidation may also qualify. These liquidating distributions of a personal holding company are divided into two categories: (1) Distributions to the extent of earnings and profits for the taxable year (computed without regard to capital losses) made in complete liquidation of the corporation occurring within 24 months after the adoption of the plan of liquidation; and (2) distributions in liquidation properly chargeable to earnings and profits accumulated after February 28, 1913.

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