Reports of the Tax Court of the United States, Volume 27U.S. Government Printing Office, 1957 |
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Common terms and phrases
additional agreement amended amount application assets average base period basis capital gain carryback cash cent certiorari claim collector of internal COMMISSIONER OF INTERNAL Company computed constructive average base contract corporation cost Cowen decedent decedent's December 31 decision deduction deficiency disallowed distribution Docket earnings entitled excess profits credit excess profits tax expenses filed FINDINGS OF FACT fiscal follows gift tax gross income held hereinafter included income tax return interest Internal Revenue Code issue January joint return Kyron lease manufacture marital deduction ment Merkra October 31 operation ordinary income paid parties partners partnership payment period net income peti petitioner petitioner's prior production profits net income purchase purposes received respect respondent determined respondent's section 23 settlor shares Skarda South Bend Stanback statute stipulated stockholders supra tax liability taxable taxpayer thereof tion tioner trade or business transfer trust trust instrument United wife
Popular passages
Page 135 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 542 - States); (3) estate, inheritance, legacy, succession, and gift taxes; and (4) taxes assessed against local benefits of a kind tending to increase the value of the property assessed...
Page 304 - Gains and losses from involuntary conversion and from the sale or exchange of certain property used in the trade or business — (1) Definition of property used in the trade or business. "For the purposes of this subsection, the term 'property used in the trade or business...
Page 304 - capital assets' means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close .of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 439 - A corporation, trust, or community chest, fund, or foundation, created or organized In the United States or In any possession thereof or under the law of the United States, or of any State or Territory, or of the District of Columbia, or of any possession of the United States...
Page 68 - That the tax imposed by sections 210 and 211 shall apply to the income of estates or of any kind of property held in trust...
Page 32 - ... (B) as paid-in surplus or as a contribution to capital, then the basis shall be the same as it would be in the hands of the transferor...
Page 377 - ... where the enjoyment thereof was subject at the date of his death to any change through the exercise of a power, either by the decedent alone or in conjunction with any person, to alter, amend, or revoke, or where the decedent relinquished any such power in contemplation of his death.
Page 212 - Every patent or any interest therein shall be assignable In law by an instrument in writing, and the patentee or his assigns or legal representatives may in like manner grant and convey an exclusive right under his patent to the whole or any specified part of the United States.
Page 502 - ... (A) PERIOD OF LIMITATION. — If the claim for credit or refund relates to an overpayment attributable to a net operating loss carryback, in lieu of the 3-year period of limitation prescribed in subsection (a), the period shall be that period which ends with the expiration of the 15th day of the 40th month (or...