Taxation-Federal Commons^™

Taxation-Federal Income Tax-Exempt Corporations-Statutory Interpretation, Patrick J. Ledwidge

Michigan Law Review

Plaintiff corporation was organized in 1947 by physicians who had formerly maintained a clinic for the practice of medicine as a partnership. The articles of incorporation provided that there should be no capital stock and no dividends, and stated that plaintiff was organized as a non-profit corporation for the purpose of providing medical treatment and hospitalization to sick and injured persons without regard to ability to pay therefor, and of providing such other incidental charitable services as the "trustees" of the corporation should prescribe. Pursuant to its by-laws, plaintiff paid such annual salaries to its member physicians as the trustees, …

Refunds In Connection With Transferee Liability: A Legislative Proposal, Henry D. Collins

West Virginia Law Review

No abstract provided.

Taxation-Federal Income Tax-Sale Of Goodwill Treated As Sale Of A Capital Asset, David F. Ulmer S.Ed.

Michigan Law Review

Plaintiffs were partners in a wholesale produce business which was well established and had a large goodwill value in the area. Plaintiffs sold the whole business, including goodwill, to another produce dealer, with a specific portion of the sale price being allocated to the sale of the goodwill. Included in the sale contract was an agreement by the sellers not to compete with the purchaser for a certain number of years, but it was understood by the parties that none of the sale price was given in consideration of this agreement. Plaintiffs returned the amount received from the sale of …

Book Reviews, Robert J. Lynn, William J. Bowe (Reviewer), Samuel J. Foosaner (Reviewer), Stanley D. Ross (Reviewer)

Vanderbilt Law Review

Handbook on the Law of Future Interests

By Lewis M. Simes

St.Paul, West Publishing Co., 1951. Pp. xv, 495. $8.00

reviewer: Robert J. Lynn

============================

Tax Savings in Real Estate Transactions

Prepared by Bureau of Analysis, Davenport, Iowa. Chicago: Published under auspices of National Institute of Real Estate Brokers of the National Association of Real Estate Boards, 1951. Pp. 98. $5.00

reviewer: William J. Bowe

============================

Income Tax Treatment of Life Insurance proceeds and other Tax Articles

By William J. Bowe

Nashville: Vanderbilt University Press,1951. Pp. 90. $2.10

reviewer: Samuel J. Foosaner

============================

Justice According to Law

By Roscoe Pound …

Commentary On General Relief Under The Excess Profits Tax Act Of 1950, Thomas N. Tarleau

Michigan Law Review

Analysis of an excess profits tax involves inquiries which are essentially foreign to the concepts of ordinary income taxation. The question of excess profits arises only after taxable income has been defined and characterized, its recipients determined and the time of receipt established. The problem is to divide taxable income into two components, one representing the corporation's normal profits, which it is permitted to enjoy free of the penalty tax, and the balance which is deemed to be "profits due to the outbreak of hostilities and to large military expenditures." Under the Excess Profits Tax Act of 1950, as was …

Income Tax: Oil And Gas Leases As Capital Assets, James Daniel Cornette

Kentucky Law Journal

No abstract provided.

Discharge Of Corporate Indebtedness At Less Than Face Value Under The Internal Revenue Code, Harvey Mahlig

Cleveland State Law Review

Prior to 1939 whenever a corporation paid less than the face amount of an obligation in full satisfaction thereof, taxable income was realized to the extent of the difference. In 1939 paragraph (9) was added to Section 22 (b) of the InternalRevenue Code. Therein it was provided that there should not be included in the taxable income of a corporation the amount of income attributable to the discharge of any indebtedness as evidenced by a security, provided at the time of such discharge the corporation was in an unsound financial condition. In orderto obtain the relief provided, the corporation had …

Taxation; Deductibility Of Corporate Contributions To A Group Annuity Policy And An Employee's Trust, Daniel R. Mccarthy

Cleveland State Law Review

Discussion of Lincoln Electric Company v. Commissioner of Internal Revenue, 17 Tax Court 1600 (1952): The petitioner, a manufacturing company, paid the sum of $575,206.43 into a retirement annuity policy for its employees and contributed the sum of $1,000,000.00 to an employees' trust. Held: Such payments constituted ordinary and necessary business expenses and were deductible under section 23 (a) (1)(A) of the Internal Revenue Code.

Basis For Depreciation In Income Taxes, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

Federal Prosecution Of Income Tax Cases, William Schwerdtfeger

Kentucky Law Journal

No abstract provided.

A New Seminar In Taxation At The University Of Pennsylvania, Paul W. Bruton, Raymond J. Bradley

Journal of Legal Education

No abstract provided.

Book Reviews, Mortimer M. Caplin, Charles J. Meyers, Albert K. Orschel, Ben F. Small, J. Nelson Young, George W. Stengel, John Hanna, Lester B. Orfield, Harold Shepherd

Journal of Legal Education

No abstract provided.

Metaphorical Tax Legislation: The Collapsible Corporation, Mandell Glicksberg, Richard B. Stephens

Washington and Lee Law Review

No abstract provided.

Book Reviews, George H. Pickar, Edward L. Barrett Jr., Rudolph Heitz, Charles E. Corker, Warren M. Ballard, W. F. Zacharias, Stefan A. Riesenfeld, Julius Cohen, Charles A. Reynard, Robert Kingsley, Jacob D. Hyman, James Lake, Arthur W. Stokes, Francis A. Allen, Paul A. Freund, Richard W. Jennings, Joseph E. Goodbar, Kenneth Redden, James A. Rahl, Charles L. B. Lowndes

Journal of Legal Education

No abstract provided.

Recent Cases, Law Review Staff

Vanderbilt Law Review

RECENT CASES

CONTRACTS--CONSIDERATION--AGREEMENT TO SUPPORT ILLEGITIMATE CHILD

===============================

CONTRIBUTION--JOINT TORTFEASORS--REMEDY GRANTED

===============================

CONTRIBUTION--JOINT TORTFEASORS--REMEDY GRANTED WHEN TORT CONSISTS OF NEGLIGENCE

===============================

CREDITORS' RIGHTS--RECEIVERSHIP OF OPERATING BUSINESS--CHATTEL, MORTGAGEE ENTITLED TO FORECLOSURE RATHER THAN SMALLER MONTHLY PAYMENTS ORDERED BY COURT

===============================

EVIDENCE--DEAD MAN STATUTE--OBSERVATION OF PHYSICAL CONDITIONS NOT A "TRANSACTION" WITHIN MEANING OF STATUTE

===============================

EVIDENCE--JUDICIAL NOTICE--TENETS OF COMMUNIST PARTY

===============================

FEDERAL COURTS--HABEAS CORPUS IN EXTRADITION PROCEEDINGS--NECESSITY OF EXHAUSTING REMEDIES IN STATE COURTS

===============================

IMPLIED WARRANTY--WARRANTY OF SEAWORTHINESS--WARRANTY WITHOUT A SALE

===============================

NEGLIGENCE OF LANDOWNER--PERSON TAKING SHORTCUT THROUGH STORE--LICENSEE OR BUSINESS GUEST?

===============================

RES JUDICATA--INDEMNITOR-INDEMNITEE RELATIONSHIP AS EXCEPTION TO REQUREMENT OF MUTUALITY--CREATION …

Taxation-Federal Income Tax-Accounting For Money Mistakenly Received Under A Claim Of Right, Allan Neef

Michigan Law Review

The plaintiff taxpayer, as the general manager of a manufacturing corporation, received a bonus of approximately $22,000 for the 1944 calendar year, pursuant to a percentage-of-net-profits bonus arrangement. In 1946, a state court found that this bonus had been erroneously computed, and that the terms of the agreement only called for a payment to the plaintiff of about $11,000 for the prior year. As a result of this adverse judgment, the plaintiff repaid the excess to the corporation, and filed an amended tax return and a timely claim for a refund of the prior tax on such amount with the …

Taxation-Federal Income Tax-Sale Of Unmatured Crop As Capital Gain Or Ordinary Income, Alan C. Boyd S. Ed.

Michigan Law Review

Petitioner sold a farm owned over six months upon which was a growing but unmatured wheat crop. When taxed upon the amount of sale price apportionable to the crop as ordinary income, he contended that under state law the land was a capital asset and that the growing crop was an inseparable part thereof. He concluded, therefore, that the entire amount should have been taxed as a capital gain. The purchaser testified that he had considered the crop to be worth about $8,500 and that he had deducted this amount in his own tax return as cost of the crop. …

Current Constitutional Problems In Federal Taxation, Charles L.B. Lowndes

Vanderbilt Law Review

The most significant constitutional problem in federal taxation today is the absence of constitutional problems. The federal income, estate and gift taxes all encountered an extremely critical reception at the hands of the courts and suffered serious constitutional set-backs early in their careers. Today, however, they function in a constitutional climate as benevolent as it was formerly hostile. A microscopic analysis of the present federal tax system may reveal minor irregularities which might conceivably be magnified into major constitutional issues. From a practical point of view, however, the chance of invalidating a federal tax assessment on constitutional grounds is infinitesimal. …

Taxation—Federal Income Tax—Interest In Law Partnership As A Capital Asset, Henry Wojcicki

Buffalo Law Review

Swiven v. Commissioner, 183 F. 2d 656 (7th Cir. July 1950), cert. denied 340 U. S. 912, 71 S. Ct. 293 (Jan. 1951).

Book Reviews, W. Barton Leach, Joe Tussman, Charles O. Gregory, Charles Fahy, John C. O'Byrne Jr., Joseph Curtis, Charles Fairman, Ralph R. Neuhoff, Joseph Hawley Murphy, Charles L. Black Jr., Roscoe L. Barrow, John Hanna

Journal of Legal Education

No abstract provided.

Smith: Personal Life Insurance Trusts, Willard H. Pedrick

Michigan Law Review

A Review of PERSONAL LIFE INSURANCE TRUSTS. By Allan F. Smith.

Tax Problems Involved In Administration, Byron E. Bronston

Articles by Maurer Faculty

No abstract provided.

Payments To Widows Of Deceased Employees As Taxable Income Of The Widow--I.T. 4027, James C. Blair

Kentucky Law Journal

No abstract provided.

Taxation--Constitutionality Of Tax-Refund Statute, F. R. T.

West Virginia Law Review

No abstract provided.

Taxation-Proposed Changes In The Tax Treatment Of Foreign Income, Donald D. Davis S.Ed.

Michigan Law Review

The United States has the power to tax the income of its citizens and domestic corporations even though that income is earned in a foreign country. When it is recognized that income derived abroad generally incurs tax liabilities to foreign governments as well, it immediately becomes apparent that the American businessman doing business abroad may, absent some sort of relief provisions, easily be the victim of double taxation. Relief has taken a number of forms. Income derived by American corporations in certain geographical areas is under proper circumstances wholly or partly exempt from federal income taxation. Thus, citizens and corporations …

State Taxation Of Interstate Commerce--What Now?, Robert C. Brown

Michigan Law Review

Perennial indeed have been the problems of state taxation affecting interstate commerce and the problems of intergovernmental taxation as between state and federal governments. The two problems are quite similar except that the intergovernmental problem is mutual while the interstate problem affects only state taxing power. But both are alike in that the restrictions on the taxing power are entirely judicial, and that while some restrictions are desirable they must themselves be limited lest we have not regulation but destruction of taxing power.

The intergovernmental problem is virtually settled with the allowance of non-discriminatory taxation on both sides, except as …

Freedom From Uncertainty In Income Tax Exemptions, Maurice Finkelstein

Michigan Law Review

Exemptions from obligations to government are as old as Scripture. It is not strange, therefore, that the public interest in humane government should dictate numerous exemptions from the income tax levy, particularly when one considers that the income tax has long ceased to be simply a revenue producing vehicle. The regulation of inflation or deflation, the control of corporate financial structures, the distribution of wealth, all these and many other concern of government have entered into the formula of our income tax laws. The selection of those who are to be benefited by the tax exemption is, of course, made …

Effect Of A Carry-Back Of Loss On Right To Interest, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

Carry-Over And Carry-Back Of Net Operating Loss, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

Taxation--Income Tax--Family Partnerships--Application Of The Tower-Lusthaus Doctrine, Earl R. Boonstra S.Ed.

Michigan Law Review

Respondent and his four sons formed a partnership in 1939. The sons contributed cattle and property purchased from respondent who accepted their notes in return. Subsequently, part of the notes were forgiven and part paid from shares of the firm proceeds. A firm bank account was opened on which all members could draw. It was planned that all the sons would render substantial services to the partnership. However, the plan was disrupted when the two eldest were called to military duty, and the two minor sons continued their education. A partnership return was filed for 1940. The Commissioner determined a …