Reports of the Tax Court of the United States, Volume 18U.S. Government Printing Office, 1953 |
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Common terms and phrases
adjustment agreed agreement amount assets average base period bank basis Bear Film beneficiary bonds brandy cash cent claimed COMMISSIONER OF INTERNAL common stock Company computed constructive average base contract corporation Court creditors death debt decedent decedent's December 31 deduction deficiency dividends Docket Edward D employees entitled estate tax excess profits credit excess profits tax expenses filed FINDINGS OF FACT follows gross income Hansen held hereinafter included income tax income tax return interest Internal Revenue Code invested issue January lease liability loss Louis Halle ment mortgage Nicholas Worthington normal earnings operation ordinary income paid parties partner partnership payment period net income peti petitioner petitioner's preferred stock prior production purchase purposes received referred refund respect respondent's Rule 50 section 107 section 722 sell shares sold stipulated stockholders supra taxable taxpayer theatre thereof tion tioner transfer trust United wife wine
Popular passages
Page 296 - 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 of any business carried on for gain or profit, or gains or profits and income derived...
Page 876 - In the case of a false or fraudulent return with intent to evade tax or of a failure to file a return the tax may be assessed, or a proceeding In court for the collection of such tax may be begun without assessment, at any time.
Page 979 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 468 - 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 982 - Amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and amounts distributed in partial liquidation of a corporation shall be treated as in part or full payment in exchange for the stock.
Page 373 - 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 521 - ... 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 297 - Whether a transfer of a particular right or interest under a patent is an assignment or a license does not depend upon the name by which it calls itself, but upon the legal effect of its provisions.
Page 512 - 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 969 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of Improvements, accordIng to the peculiar conditions in each case; such reasonable allowance In all cases to be made under rules and regulations to be prescribed by the Commissioner, with the approval of the Secretary.