Reports of the Tax Court of the United States, Volume 33U.S. Government Printing Office, 1961 |
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Common terms and phrases
acquired agree agreement Aldon alphabet corporations amount applicable Arlite assets bad debts Bakelite Bank base period basis beneficiaries bonds CanFitz capital gains cash cent certificates of deposit claimed computed contract cost Court December December 31 deduction deficiency deposit disallowed distribution dividends Docket earnings employees entitled excess profits tax expenses filed fiscal follows funds gross income held hereinafter included income tax income tax return insurance companies interest Internal Revenue Code investment issue Klamath Basin LACO liability loans ment net income October 31 operating loss ordinary income paid parties partnership patents payment personal holding company peti petitioner petitioner's Pinaud premium prior psychoanalysis purpose pursuant received respect Respondent determined respondent's royalty section 207 shares sold stipulated stockholders supra tax return taxable taxpayer term thereof thrift certificates tion tioner trade or business transaction transfer trust
Popular passages
Page 136 - 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 476 - partnership" Includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture Is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" Includes a member In such a syndicate, group, pool.
Page 214 - The amounts of the following liabilities shall, except as hereinafter In this section provided, be assessed, collected, and paid In the same manner and subject to the same provisions and limitations...
Page 83 - Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate ; 3.
Page 311 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27% per centum of the gross Income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property.
Page 563 - 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...
Page 403 - 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 563 - ... 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 from any source...
Page 703 - TAX. (a) Application of tax. — The taxes imposed by this title upon individuals shall apply to the income of estates or of any kind of property held in trust, including — (1) Income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests, and income accumulated or held for future distribution under the terms of the will or trust...
Page 26 - ... any distribution made by a corporation to its shareholders, whether in money or in other property, (1) out of its earnings or profits accumulated after February 28, 1913, or (2) out of the earnings or profits of the taxable year...