Reports of the Tax Court of the United States, Volume 28U.S. Government Printing Office, 1958 |
Other editions - View all
Common terms and phrases
agreed agreement amount annuity assets average base period basis bobbinet capital gain cash cent claimed common stock Company computing contract corporation cost Court decedent December 31 deduction deficiency disallowed dividends Docket earnings East Flagler Edell employees entitled estimated tax excess profits tax expenses February 28 filed FINDINGS OF FACT fiscal year ended follows Froedtert Gersten gilsonite gross income held hereinafter included income tax income tax return indebtedness interest Internal Revenue Code issue January January 31 lease liability loan loss manufacture ment November 30 nylon operation ordinary income paid parties partnership payment period net income peti petitioner petitioner's preferred stock Premium prior production purchase purpose received relief under section respect respondent determined respondent's section 722 shares sold Spiesman statute Steep Rock stipulated stockholders supra taxable year ended taxpayer tion tioner trade or business transfer trust voting trust Weyerhaeuser
Popular passages
Page 867 - ... 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 30 - The allowance for depletion under section 23 (m) shall be, in the case of coal mines, 5 per centum, in the case of metal mines, 15 per centum, and, in the case of sulphur mines or deposits, 23 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 660 - 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 195 - In order to obtain the commercially marketable mineral product or products, and so much of the transportation of ores or minerals (whether or not by common carrier) from the point of extraction from the ground to the plants or mills in which...
Page 448 - 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...
Page 660 - State, or any political subdivision thereof, or any agency or instrumentality of any one or more of the foregoing), 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 840 - Commissioner in pursuance of law, unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the tax: 5 per centum...
Page 391 - If, by reason of the method of accounting of the person to whom the payment is to be made, the amount thereof is not, unless paid, includible in the gross income of such person for the taxable year in which or with which! the taxable year of the taxpayer ends...
Page 56 - (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 60 - ... the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom ; except in case of a bona fide sale for an adequate and full consideration in money •or money's worth.