Reports of the Tax Court of the United States, Volume 4U.S. Government Printing Office, 1945 |
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Common terms and phrases
accrued agreement amended amount annuity applied assets basis beneficiary capital stock cash claim COMMISSIONER OF INTERNAL common stock computing contract corporation corpus coupons Court death decedent decedent's December 31 decision deduction deficiency determined distribution dividends Docket earnings entitled Eskimo Pie estate tax excess profits tax executors expenses fair market value filed FINDINGS OF FACT follows funds Galbreath gift tax grantor gross estate gross income held Helvering hereinafter Hofford included income tax income tax return interest Internal Revenue Code investment issue January Lafayette College lease liability loss mortgage net income paid par value partnership payable payment percent personal holding company peti petitioner petitioner's policies preferred stock principal prior purchase purpose question received respect respondent Revenue Act section 23 securities settlor shares statute stipulated stockholders supra taxable taxpayer thereof tion tioner transfer trust instrument wife
Popular passages
Page 305 - 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...
Page 465 - ... 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 112 - If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift...
Page 434 - ... 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 476 - If a taxpayer receives earnings under a claim of right and without restriction as to its disposition, he has received income which he is required to return, even though it may still be claimed that he is not entitled to retain the money, and even though he may still be adjudged liable to restore its equivalent.
Page 502 - Whenever any person indebted to the United States is insolvent, or whenever the estate of any deceased debtor, in the hands of the executors or administrators, is insufficient to pay all the debts due from the deceased, the debts due to the United States shall be first satisfied...
Page 138 - ... (a) Method of Collection. — 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 209 - For the purposes of this section, a domestic corporation which owns a majority of the voting stock of a foreign corporation from which it receives dividends in any taxable year shall be deemed to have paid the same proportion of any income, war-profits, or excess-profits taxes paid or deemed to be paid by such foreign corporation to any foreign country...
Page 947 - As used in this section the term "amounts distributed in partial liquidation" means a distribution by a corporation in complete cancellation or redemption of a part of its stock, or one of a series of distributions in complete cancellation or redemption of all or a portion of its stock.
Page 57 - At any time during the last half of the taxable year more than 50 percent in value of its outstanding stock is owned, directly or indirectly, by or for not more than 5 individuals.