Reports of the Tax Court of the United States, Volume 17U.S. Government Printing Office, 1952 |
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Common terms and phrases
agreed agreement amount annuity assets bank base period basis Braun capital gain cash cent claimed COMMISSIONER OF INTERNAL common stock Company computed contract cost Court death decedent decedent's December 31 deduction deficiency determined directors disallowed distribution dividends Docket Dubuque Packing Company earnings employee entitled excess profits tax expenses filed FINDINGS OF FACT follows funds gift gift tax gross estate gross income held hereinafter Hosiery included income tax income tax return interest Internal Revenue Code issue January L. L. Goodman lease liability Limbeck Llenroc loss ment net income operation option paid parties partnership payable payment peti petitioner petitioner's preferred stock premium prior production purchase pursuant received renegotiation rental respect respondent respondent's Roseland Sacramento Corporation salary section 23 securities settlor shares sold stipulated stockholders supra taxable taxpayer termination tion tioner trade or business transaction transfer trust wife
Popular passages
Page 299 - ... traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business; and rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
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 399 - ... 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.
Page 525 - ... any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such Issuer (other than an exempted security) within any period of less than six months, unless such security was acquired In good faith In connection with a debt previously contracted...
Page 279 - ... 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 250 - 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 870 - In computing net income there shall be allowed as deductions: (a) Expenses. (2) Non-trade or non-business expenses. In the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income, or for the management, conservation, or maintenance of property held for the production of income.
Page 415 - 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 125 - For the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body (including amounts paid for accident or health insurance) , or (B) For transportation primarily for and essential to medical care referred to in subparagraph (A).
Page 693 - The cost of farm machinery, equipment, and farm buildings represents a capital investment and is not an allowable deduction as an item of expense. Amounts expended in the development of farms, orchards, and ranches prior to the time when the productive state is reached may be regarded as investments of capital.