Reports of the Tax Court of the United States, Volume 22U.S. Government Printing Office, 1955 |
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Common terms and phrases
adjustment agreed agreement amended amount assessment assets average base period bank basis Camp Wolters capital cash cent claims COMMISSIONER OF INTERNAL community property Company computed contract corporation cost Court decedent December 31 decree deduction deficiency depreciation determined distribution Docket earnings employees entitled excess profits tax expenses February 28 filed FINDINGS OF FACT follows funds gross income held hereinafter husband income tax income tax returns interest Internal Revenue Code inventory issue January Lasky lease liability loans loss ment operation option ordinary income paid parties partnership payable payments period net income peti petitioner petitioner's policies prior purchase pursuant received record refund rental reported respect respondent respondent's Royal Crown Cola section 722 Sergeant York shares sold SoRelle SoRelle's stipulated stockholders supra taxable taxpayer thereof timber tion tioner Tommy Armour transfer trust United Warner Bros wife Willys
Popular passages
Page 259 - Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 750 - No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock or securities in such corporation, and immediately after the exchange such person or persons are in control of the corporation; but in the case of an exchange by two or more persons this paragraph shall apply only if the amount of the stock and securities received by each is substantially in proportion to his interest in the property prior to the exchange.
Page 943 - If an exchange would be within the provisions of paragraph (3) of sub-division (b) if it were not for the fact that the property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money...
Page 206 - Is divorced or legally separated from her husband under a decree of divorce or of separate maintenance, periodic payments (whether or not made at regular Intervals) received subsequent to such decree...
Page 281 - General rule. — (1) Decree of divorce or separate maintenance. — If a wife is divorced or legally separated from her husband under a decree of divorce or of separate maintenance...
Page 85 - ... periodic payments (whether or not made at regular intervals) received subsequent to such decree in discharge of, or attributable to property transferred (in trust or otherwise) in discharge of, a legal obligation which, because of the marital or family relationship, is imposed upon or incurred by such husband under such decree or under a written instrument incident to such divorce or separation...
Page 410 - ... (b) Exclusions from gross income. — The following items shall not be included in gross income and shall be exempt from taxation under this title: (1) LIFE INSURANCE. — Amounts received under a life insurance contract paid by reason of the death of the insured...
Page 655 - Adjusted Basis. The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis determined under subsection (a), adjusted as hereinafter provided. "(1) General Rule.
Page 473 - •• "(2) General rule. If, during the taxable year, the recognized gains upon sales or exchanges of property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof...
Page 942 - No gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization.