Reports of the Tax Court of the United States, Volume 8U.S. Government Printing Office, 1947 Final issue of each volume includes table of cases reported in the volume. |
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Common terms and phrases
Aero-Crafts agreed agreement Airco amended amount annuity assets bad debt bank base period beneficiaries capital stock Carbonic cash cent claimed COMMISSIONER OF INTERNAL common stock community property computing contends contract corporation corpus cost Court death decedent decedent's December 31 deduction deficiency determined disallowed distribution dividends earnings entitled estate tax excess profits credit excess profits tax executor expenses filed fiscal follows funds gift tax gross income held Helvering Homer Laughlin Homer Laughlin Building husband included income tax income tax return interest Internal Revenue Code inventory invested issue January loss MacManus ment net income operation opinion paid parties partnership payment peti petitioner petitioner's prior purchase purposes question received respect respondent respondent's retained Revenue Act Rosboro salary Schuhmacher section 23 settlor shares statute stockholders supra tax liability taxable taxpayer Texas thereof tion tioner transferred trust instrument wife
Popular passages
Page 319 - 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 146 - No assessment of a deficiency in respect of the tax imposed by this chapter and no distraint or proceeding in court for its collection shall be made, begun, or prosecuted until such notice has been mailed to the taxpayer, nor until the expiration of such ninety-day period, nor, if a petition has been filed with the Board, until the decision of the Board has become final.
Page 305 - There shall be allowed as an additional deduction In computing the net Income of the estate or trust the amount of the income of the estate or trust for Its taxable year which Is to be distributed currently...
Page 284 - The net income of the estate or trust shall be computed in the same manner and on the same basis as in the case of an individual...
Page 282 - ... the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom; except in case of a bona fide sale for an adequate and full consideration in money or money's worth.
Page 305 - Income received by estates of deceased persons during the period of administration or settlement of the estate; and (4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
Page 374 - 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...
Page 319 - 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 373 - 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.
Page 222 - If the tax imposed by section 2101, or any estate, succession, legacy, or inheritance taxes, are, either by the terms of the will, by the law of the jurisdiction under which the estate is administered, or by the law of the jurisdiction imposing the particular tax, payable in whole or in part out of the bequests, legacies, or devises otherwise deductible under this paragraph, then the amount deductible under this paragraph shall be the amount of such bequests, legacies, or devises reduced by the amount...