Reports of the Tax Court of the United States, Volume 22U.S. Government Printing Office, 1955 |
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Common terms and phrases
accrual agreed agreement amended amount assessment assets average base period bank basis Camp Wolters capital cash cent claim 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 refund rental reported residence 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 716 - 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 909 - 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 784 - If under the trust Instrument It Is Impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or Income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries...
Page 646 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business...
Page 473 - Gains and losses from involuntary conversion and from the sale or exchange of certain 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 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 627 - 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 206 - ... periodic payments (whether or not made at regular intervals) received after 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 on or incurred by the husband under the decree or under a written instrument incident to such divorce or separation.
Page 263 - 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 574 - If he lives in the United States and has no definite intention as to his stay, he is a resident. One who conies to the United States for a definite purpose which in its nature may be promptly accomplished is a transient...