Taxation-Federal Commons^™

Taxation-Federal Income Tax-Taxability To Nonresident Alien Of Lump Sum Payments For Copyright, Myron J. Nadler S.Ed.

Michigan Law Review

Taxpayer, a nonresident alien author not engaged in trade or business within the United States, delivered certain literary works to American publishers under agreement whereby the latter were to copyright and publish these stories and reassign to the taxpayer after publication all rights except the American serial rights. Lump sum payments for each story were received during the years 1938 and 1941. No tax was paid on these amounts and a deficiency was assessed on the ground that they constituted royalties received for the use of United States copyrights and were taxable as ordinary income. The circuit court of appeals …

The Family Land Trust Treated As An Association For Federal Income Taxation, Carter Glass, Iii

Washington and Lee Law Review

No abstract provided.

Options And Valuation Of Property For Federal Tax Purposes, William J. Bowe

Vanderbilt Law Review

In Estate of John Q. Strange, there was an agreement between two brothers, engaged in business in a close corporation, which provided that upon the death of either, the survivor might acquire the stock of the other upon payment of $10,000 to his estate. Payment was so made following the decedent's death. The fair market value of the stock on the date of death was stipulated to be $238,126.54. The Board of Tax Appeals held that the option price of $10,000 was the proper amount to be included in the decedent's gross estate as the value of his stock.

In …

Attorneys -Taxation - Unauthorized Practice Of Income Tax Law By Certified Public Accountants, Charles D. Bell S. Ed.

Michigan Law Review

The accepted law in the United States is that laymen may not engage in the practice of law. However, the enigma of what constitutes the practice of law has plagued laymen, lawyers and the courts for many years. Attempts to find the answer have engendered intense friction between various professional groups, each arguing that its jurisdiction extends further than the other admits. The greatest animosity has developed between lawyers and certified public accountants in the dispute as to their respective functions in the income tax field.

Taxation-Income Tax-Realization Of Income By Corporation In Distribution Of Notes To Shareholders, David H. Armstrong S. Ed.

Michigan Law Review

A corporation charged off notes as worthless prior to 1942. Anticipating future collections on the notes, the corporation distributed them as a dividend in kind. The commissioner determined that the amount collected subsequent to distribution was taxable to the corporation. The Tax Court held that no income was realized by the corporation. On appeal, held, reversed. This was not a distribution of capital assets but rather an assignment of anticipated income. Commissioner v. First State Bank of Stratford, (C.C.A. 5th, 1948) 168 F. (2d) 1004, certiorari denied, 335 U.S. 867, 69 S.Ct. 137 (1948).

Taxation-Income Tax-Deductions For Alimony Payments Made Under Voluntary Agreement Of Separation, William R. Hewitt S. Ed.

Michigan Law Review

Taxpayer and his wife voluntarily entered into a written agreement of separation. Pursuant to the agreement, taxpayer made periodic payments to his wife in discharge of his legal obligation of support. In his income tax return for 1943, taxpayer took the amount of tlie payments made for that year as a deduction from gross income under the authority of section 23(u) of the Internal Revenue Code. The commissioner disallowed the deduction and determined a tax deficiency. Upon petition to the Tax Court for a redetermination of the deficiency, the commissioner was upheld. On appeal, held, affirmed. Only alimony payments …

Stanley And Kilcullen: The Federal Income Tax: A Guide To The Law., Michigan Law Review

Michigan Law Review

A Review of THE FEDERAL INCOME TAX: A GUIDE TO THE LAW. By Joyce Stanley and Richard Kilcullen.

Tax Practitioners Forum, Michigan Law Review

Michigan Law Review

A Review of TAX PRACTITIONERS FORUM

Family Partnership V. Corporation -- Income Tax Aspects, Bruce Mcclain

Vanderbilt Law Review

At the outset, it must be emphasized that a decision as to the more desirable mode of doing business should never be based solely upon tax considerations. In every instance, the following legal and practical advantages of transacting business as a corporation must always be borne in mind: (1) Limited Liability. The liability of a stockholder for the debts of the corporation is limited to his investment in its stock, while all of the property bf a general partner is subject to the claims of the firm's creditors, if its assets are insufficient to satisfy such claims in full. (2) …

Book Reviews, Philip A. Hendrick, Charles L.B. Lowndes (Reviewer), Adrian W. Dewind (Reviewer), Chas. A. Morehead (Reviewer), John R. Stivers (Reviewer)

Vanderbilt Law Review

An Estate Planner's Handbook By Mayo Adams Shattuck

Boston: Little, Brown & Company, 1948. Pp. 575. $7.50

reviewer: Philip A. Hendrick

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

Estate Planning and Estate Tax Saving By Edward N. Polisher

Philadelphia: George T. Bisel Company. Second Edition, 1948. 2 Volumes. Pp. xxxii, 923. $20.00

reviewer: Charles L.B. Lowndes

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

Federal Taxes--Corporations and Partnerships, 1948-49 By Robert H. Montgomery, Conrad B. Taylor and Mark E. Richardson

Vol. I: Gross Income and Deductions Vol. II: Taxes, Returns and Administration New York: The Ronald Press Company, 1948. Pp. xiii, 1001; pp. iv, 881. $20.00

Federal Taxes--Estates, Trusts and Gifts, 1948-49

By …

Taxation-Income Tax-Validity Of Family Partnership Where Partner's Services Are To Be Performed In Future, Daniel W. Reddin, Iii S.Ed.

Michigan Law Review

In 1939, petitioner sold certain ranch properties and half of his herd of blooded cattle to his four sons, accepting their notes in return. A firm consisting of petitioner and his sons was then formed, and a bank account was opened upon which any of the members of the firm could draw. Two of the sons were minors, but all were ranch-reared and experienced in cattle raising. The sons paid part of the notes with their shares in the proceeds from firm sales, and petitioner forgave the rest. Military duty disrupted the plan by which all the sons were to …

The Function Of Constitutional Provisions Requiring Uniformity In Taxation: Part I--Introduction And Historical Origins, William L. Matthews Jr.

Kentucky Law Journal

No abstract provided.

Attempts To Avoid Taxes On Corporate Distributions, W. Lewis Roberts

Kentucky Law Journal

No abstract provided.

Taxation-Income Tax-Taxable Persons--Assignment Of License Royalties, J. R. Mackenzie S.Ed.

Michigan Law Review

X contracted with a corporation controlled by him for the manufacture of machines on which he held patents. No minimum was established with respect to production or the payment of royalties. The contracts were terminable by either party upon notice, and X was free to make similar contracts with other manufacturers. X assigned all his interest in the contracts and exclusive title and power over the royalties to his wife, who thereafter received all payments and reported them as her income. The Tax Court ruled that since X could cancel the contracts directly, and could indirectly control the contracts through …

The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon

Michigan Law Review

The community property system has always been a thorn in the side of the federal tax structure. The theory that husband and wife have equal, vested, undivided one-half interests in property held by them as tenants in community, when given effect for federal tax purposes, has resulted, because of our system of graduated rates, in substantial income, estate and gift tax advantages in favor of residents of community property states over their neighbors in non-community property states. Attempts to change this situation as to federal income taxation proved uniformly unsuccessful. However, success was achieved in the field of federal estate …

Income Tax Consequences Of Corporate Debentures, Charles L. Kaufman

Washington and Lee Law Review

No abstract provided.

Taxation-Federal Income Tax-Claim For Refund-Statute Of Limitations, Samuel N. Greenspoon S.Ed.

Michigan Law Review

The commissioner determined that a deficiency existed in the taxpayer's income tax for 1938. This deficiency assessment was paid in 1941. More than three years later the taxpayer filed a claim for refund which was rejected by the commissioner on the ground that it was barred by the two year limitation period of section 322 (b) (1) of the Internal Revenue Code. The taxpayer then brought suit in the district court contending that the four year limitation period of section 3313 of the code was applicable. The district court sustained the taxpayer, and the judgment was affirmed by the circuit …

Kennedy: Federal Income Taxation Of Trusts And Estates, Michigan Law Review

Michigan Law Review

A Review of FEDERAL INCOME TAXATION OF TRUSTS AND ESTATES. By Lloyd W. Kennedy.

Community Interest In Commingled Income, Derived From Personal Service And Separate Capital—Another View, Benjamin H. Kizer

Washington Law Review

The lawyers of this state are deeply indebted to Mr. Francis A. LeSourd of the Seattle Bar for his thoughtful and scholarly analysis of "Community Property Status of Income from Business Involving Personal Service and Separate Capital." This article gives special pleasure in that Mr. LeSourd has taken pains to go to the historic roots of the problem—in the Spanish law and in the early decisions of other states. However, I am not at peace with one of Mr. LeSourd's conclusions. I venture, therefore,. to present an alternative to the view Mr. LeSourd has taken.

Significant Developments In The Law Of Federal Taxation, 1941-1947: Ii, Paul G. Kauper

Michigan Law Review

The 1941 Revenue Act carried forward the rather complex normal tax structure prescribed by the 1940 Revenue Act and in addition introduced a corporate surtax rate schedule. The normal tax rates were increased to absorb the 10% defense tax previously imposed as a separate tax and also a very slight increase in the rates applicable to corporations with a normal-tax net income of less than $38,461.54. As so altered the normal tax amounted to 24% in the case of corporations having normal-tax net income over $38,461.54, and in the case of corporations having no more than this amount of normal-tax …

Federal Income Tax: Reporting Of Gain Or Loss On Exchange Of Equipment Held For Productive Use For Property Of Like Kind Or Use, John Coleman Covington

Kentucky Law Journal

No abstract provided.

Blockage Valuation In Federal Tax Law, Harrop A. Freeman

Faculty Publications

No abstract provided.

Averaging Fluctuating Income Of The Individual For Income Tax Purposes, Clyde R. Maxwell, Jr.

Washington Law Review

It is a familiar feature of our system of taxation that tax rates be graduated in proportion with the ability of the taxpayer to pay. As income rises, the percentage of tax is increased by the so-called surtax. For the taxpayer with approximately the same income, year after year, an annual imposition of tax according to these rates is equable; but unlucky is the individual who has high income one year and low income the next, for he must pay a substantial amount of tax over and above that which he would have had to pay had his income been …

Federal Income Tax Amendments Of 1944, Charles G. Flanagan, Jr.

Washington Law Review

Present 1944 changes of the federal income tax statutes consist of amendments made by the Revenue Act of 1943, and the Individual Income Tax Act of 1944 passed in February and May of this year respectively. Additional changes are unlikely. It is anticipated therefore, that there can now be presented an analysis of statutory changes which must be considered in the preparation of returns for the year 1944.

Res Judicata-Federal Income Tax Cases-Effect Of Past Decision As To Liability For Future Years, Margaret Groefesma

Michigan Law Review

This action was brought by the United States Government to compel the application of rental sums, due semi-annually by the Western Union Telegraph Company, as lessee, to the Northwestern Telegraph Company, as lessor, to the payment of the lessor's income tax indebtedness for the years 1927-1941. In a prior suit between the same parties for application of other rental sums, due under the same lease, to the lessor's income tax liability for the years 1917-1922, it was determined by the Circuit Court of Appeals of the Second Circuit that the government could not reach these rentals because by the terms …

The 1943 Revenue Bill, Randolph E. Paul

Indiana Law Journal

No abstract provided.

Federal Income Tax 1943—Special Benefits To Members Of The Armed Forces, Thomas Todd

Washington Law Review

On June 9, 1943, with the enactment of "The Current Tax Payment Act of 1943," the serviceman became a taxpayer in a class by himself. Previously there were special benefits in favor of the serviceman, but now, for the year 1943, even the method of computing tax is entirely different for servicemen than it is for civilians. The reason why this subject should be of special interest to attorneys is that the present law affords a great opportunity for substantial tax savings and refunds in favor of servicemen for 1943. Thus, substantial refunds will be available for most servicemen who …

Taxation - Federal Income Tax - Capital Gain On Sale Of Partnership Interest, Herbert Sott

Michigan Law Review

In 1936, a taxpayer sold his interest in a partnership the assets of which were mainly acquired subsequent to his entering the partnership in 1932. The government contended that the taxpayer acquired and disposed of an interest in specific partnership assets and that the period for determining the capital gains percentages was properly measured from the date of acquisition of the specific capital assets. In his suit for refund on part of the tax thus computed, the taxpayer claimed that the partnership was a separate juristic entity, that his interest therein was an intangible capital asset, and that the period …

The Circuit Courts Of Appeals Examine The Clifford Doctrine, Richard W. Case

Maryland Law Review

No abstract provided.

Book Review. Federal Taxation For The Lawyer By Houstin Shockey, Robert C. Brown

Articles by Maurer Faculty

No abstract provided.