Reports of the Tax Court of the United States, Volume 29U.S. Government Printing Office, 1958 |
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Common terms and phrases
adjustments agreed agreement amended amount application assets average base period Avirgan bank basis beneficiary carryback cash cent claim computed contract corporation cost Court decedent December 31 deduction deficiency Denise disallowed dividends Docket employees excess profits credit excess profits tax expenses filed fiscal year ended follows gift gift tax gross income Hedgecoke held hereinafter included income tax income tax return interest Internal Revenue Code issue June June 30 liability ment Mississippi company operating loss ordinary income paid parties partnership patent payable payments period net income peti petitioner petitioner's premiums prior purchase purposes pursuant received record refund renegotiation reported respect respondent determined respondent's Rondout Sandy Hill section 722 sell shares sold statute statute of limitations stipulated stockholders supra taxable taxpayer tion tioner tract index trade or business transaction transfer trust trust instrument unused excess profits
Popular passages
Page 548 - gross income" means the sum of — (A) The combined gross amount earned during the taxable year, from investment income and from underwriting income as provided in this subsection, computed on the basis of the underwriting and investment exhibit of the annual statement approved by the National Convention of Insurance Commissioners.
Page 639 - The amount of all such items shall be included in the gross income for the taxable year in which received by the taxpayer, unless under methods of accounting permitted under subdivision (b) of section 212, any such amounts are to be properly accounted for as of a different period...
Page 262 - All interest paid or accrued within the taxable year on indebtedness, except on indebtedness incurred or continued to purchase or carry obligations or securities (other than obligations of the United States issued after September 24, 1917, and originally subscribed for by the taxpayer) the interest upon which is wholly exempt from taxation under this title...
Page 911 - Except as provided in section 276 — (a) GENERAL RULE. — The amount of income taxes imposed by this chapter shall be assessed within three years after the return was filed, and no proceeding in court without assessment for the collection of such taxes shall be begun after the expiration of such period.
Page 140 - Deductions otherwise allowed by law not attributable to the operation of a trade or business regularly carried on by the taxpayer...
Page 824 - A transfer (other than by gift, inheritance, or devise) of property consisting of all substantial rights to a patent, or an undivided interest therein which includes a part of all such rights...
Page 162 - 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...
Page 504 - Part further covenants and agrees to merchandise such wheat in foreign ports , it being understood and agreed between the Party of the First Part and the Party of the Second Part...
Page 915 - The liability, at law or in equity, of a transferee of property of a taxpayer, in respect of the tax (including interest, additional amounts, and additions to the tax provided by law) imposed upon the taxpayer by this title or by any prior income, excess-profits, or war-profits tax Act.
Page 506 - ... the party of the first part. The party of the first part...