Reports of the Tax Court of the United States, Volume 1U.S. Government Printing Office, 1943 |
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Common terms and phrases
accrued agreement amended amount assets bank basis beneficiaries bonds capital stock cash certificates certiorari claimed COMMISSIONER OF INTERNAL common stock community property computing contends contract Corning Glass corporation corpus Court creditors death debentures debt decedent decedent's December December 31 decision deduction deficiency determined distribution Docket entitled excess profits tax executors expenses fair market value filed FINDINGS OF FACT follows fund gain gift tax grantor gross income held Helvering holders included income tax income tax return indebtedness interest INTERNAL REVENUE issue January January 31 lease liability mortgage net income obligation opinion par value parties payable payment percent period peti petitioner petitioner's preferred stock premiums principal prior proceeding purchase question received reserve respect respondent Revenue Act royalty section 112 securities shareholders shares statute stipulated stockholders supra taxpayer thereof tion tioner transaction transfer trust trust instrument wife
Popular passages
Page 503 - ... intended to take effect in possession or enjoyment at or after his death, or of which he has at any time made a transfer, by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death...
Page 471 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 226 - Gross income" Includes gains, profits, and income derived from salaries, wages, or compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and Income derived...
Page 350 - In the case of property held in trust, the allowable deduction shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each.
Page 657 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 611 - ... (b) Sales of Realty and Casual Sales of Personalty. — In the case (1) of a casual sale or other casual disposition of personal property (other than 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), for a price exceeding $1,000...
Page 89 - ... one of a series of distributions) in complete cancellation or redemption...
Page 434 - ... (b) 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 462 - 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 645 - States by such trustee or trustees, or by such fraternal society, order, or association, exclusively for religious, charitable, scientific; literary, or educational purposes, or for the prevention of cruelty to children or animals...