Taxation-Federal Commons^™

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 …

Rira -- A Legal Information System In The Internal Revenue Service, David T. Link

Journal Articles

The IRS legal information retrieval program is still in its infancy. The results of its use so far indicate that the program is on a sound foundation. Consequently, the Office has great hopes for it. By eliminating a great deal of the duplication of effort among the attorneys it promises to result in certain economies to the Office. More important, it should assure a more consistent treatment of taxpayers through greater coordination than has ever been possible in the past. And most important, by providing more comprehensive and timely decision-making information the system should further the Offices constant goal of …

Case And Ruling Comments On The 1964 Federal Tax Cases And Rulings, William P. Oberndorfer

William & Mary Annual Tax Conference

No abstract provided.

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 …

Purchased Executory Contracts And The Federal Income Tax

Indiana Law Journal

No abstract provided.

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 …

Taxation—Bad Debts: Limitations Of The “Promoter Doctrine”, Ronald B. Felman

Buffalo Law Review

No abstract provided.

Subordination Of Mortgages For Future Advances To Federal Tax Liens

Washington and Lee Law Review

No abstract provided.

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 …

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 …

Federal Taxation - Depreciation Of Assets In The Year Of Disposal

William & Mary Law Review

No abstract provided.

Tax Free Income: Compensation In Kind And Quasi-In-Kind, Emeric Fischer

William & Mary Law Review

No abstract provided.

Internal Revenue Code Summons Enforcement And The Accountant

Duquesne Law Review

An increasingly large number of taxpayers-guilty and innocenthave been faced with tax investigations as the Government seeks to enforce the civil and/or criminal sanctions of the Internal Revenue Code. Tax practioners representing such taxpayers have been confronted with a conflict between the demands of the Internal Revenue Service and his clients' interests. In addition, the extensive use of the administrative subpoena, the most powerful weapon in the Internal Revenue Service's arsenal, augmented by the timidity and genuflections of taxpayers and tax practitioners, and complimented by the broad construction given this weapon by the courts, have established precedents thought of by …

Tax Exempt Organizations, Edward A. Lebit

Cleveland State Law Review

Although tax exempt organizations are creatures of the state ,it is under the federal law that they seek exemption from tax. Many unqualified organizations have sought and received this exemption. Many abuses and schemes have arisen, in which even qualified organizations have been made parties. The big question is whether the exemption laws are not clear enough or whether they have been lackadaisically enforced. It is this writer's opinion that the law is adequate, and that strict enforcement of the law is all that is necessary to clear up the tax abuses by non-profit organizations which have taken place since …

Taxation Of Non-Qualified Deferred Compensation Plans, Richard S. Weinberg

Kentucky Law Journal

No abstract provided.

Book Review, Lawrence R. Bloomenthal

Cleveland State Law Review

Reviewing Philip M. Stern, The Great Treasury Raid, Random House, 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 …

A Positive Role For The University Tax Specialist In Federal Tax-Reform Studies, John C. Chommie

Journal of Legal Education

No abstract provided.

Revenue Rulings And Other Publications: 1963, Mitchell Rogovin

William & Mary Annual Tax Conference

No abstract provided.

The Preparation Of A Civil Net Worth Case For Trial - The Private Practitioner's Viewpoint, Montgomery Knight Jr.

William & Mary Annual Tax Conference

No abstract provided.

Economic Interest And Depletion Allowance For Mining Contractors

Washington and Lee Law Review

No abstract provided.

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 …

The New "Subpart F" Foreign Income Provisions Of The Internal Revenue Code, Rexford R. Cherryman

William & Mary Law Review

No abstract provided.

The Reconstruction Of Net Income Under § 446(B) Of The Internal Revenue Code, John J. Harrington

William & Mary Law Review

No abstract provided.

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.

Is A Partnership Under The Uniform Partnership Act An Aggregate Or An Entity?, A. Ladru Jensen

Vanderbilt Law Review

The conflict in entity versus aggregate views of a partnership is materially lessened in those jurisdictions which have removed the procedural disability of partnerships to be sued in their own names. The advantages secured by having a procedural statute allowing partnerships to be sued in their own names argue strongly for the adoption of such act in all of the states having the Uniform Partnership Act, as is indicated by the foregoing analysis. The recognition of the Internal Revenue laws of partnerships as an aggregate for purposes of income taxation will most surely long continue, even though partnerships may be …

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 …

Recent And Prospective Developments In Taxation Of Partnerships, Arthur B. Willis, Stephen A. Bauman

Vanderbilt Law Review

This article will attempt to set forth the provisions of the Revenue Act of 1962 insofar as they affect the taxation of partners and partnerships, the recent developments in this area in brief detail and wide exposure, and the significant aspects of expected future legislation,including an analysis of certain parts of H.R. 9662.

Taxation - Income Vs. Gift - Payments To Widow Of Officer-Stockholder

Duquesne Law Review

Payments made to a widow by a corporation of which her deceased husband had been an officer, director and shareholder are not gifts unless they proceed out of generosity, affection, respect, admiration, charity or like impulses.

Smith v. Commissioner of Internal Revenue, 305 F.2d 778 (3d Cir. 1962).

The Self-Employed Individuals Tax Retirement Act Of 1962, Ernest O. Wood

Duquesne Law Review

No abstract provided.