Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues, and Policy RecommendationsU.S. Government Printing Office, 2003 |
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Common terms and phrases
acquired acquisition Affiliates Agreement amount apply assets ATTORNEY-CLIENT PRIVILEGE Bankers Trust basis business purpose cash Chiricahua Commissioner common stock Company compensation contribution corporation debt deduction Deutsche Bank DIRECTOR distribution dividend Dutch VOF Dynegy earnings and profits employees Enron consolidated group Enron Corp Enron Pipeline Enron Sub Enron Sub III entity ESOP Retirement Subaccount Exec federal income tax Holdco income tax purposes intercompany transaction IRC Section JOB NON-COMPETR/UNKNOWN Lease Liquids preferred loss Maliseet March 21 MD MNG Nonrecourse Debt options ownership participating participating preferred stock partner payments percent Policy Committee preferred stock PRIVILEGE AND WORK-PRODUCT provides Purchase pursuant received redemption REMIC Residual Interests respect Retirement Plan rules section 269 section 351 shareholders shares stock of Enron SUBJECT TO ATTORNEY-CLIENT subsidiary tax avoidance tax liability taxable taxpayer Towers Perrin transfer Treas Treasury Regulation Section treated UBS/Warburg Transition VP VP WORK-PRODUCT DOCTRINE
Popular passages
Page 71 - ... the principal purpose for which such acquisition was made is evasion or avoidance of Federal income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then such deduction, credit, or other allowance shall not be allowed.
Page 523 - The doctrine of corporate entity fills a useful purpose in business life. Whether the purpose be to gain an advantage under the law of the state of incorporation or to avoid or to comply with the demands of creditors or to serve the creator's personal or undisclosed convenience, so long as that purpose is the equivalent of business activity or is followed by the carrying on of business by the corporation, the corporation remains a separate taxable entity.
Page 315 - partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this title, a trust or estate or a corporation; and the term "partner" includes a member in such a syndicate, group, pool, joint venture, or organization.
Page 431 - ... (b) Liquidations to which section applies. For purposes of subsection (a), a distribution shall be considered to be in complete liquidation only if — (1) the corporation receiving such property was, on the date of the adoption of the plan of liquidation, and has continued to be at all times until the receipt of the property...
Page 335 - There is no doubt that the statute could tax salaries to those who earned them and provide that the tax could not be escaped by anticipatory arrangements and contracts, however skillfully devised to prevent the salary when paid from vesting even for a second in the man who earned it.
Page 332 - 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 315 - The question is not whether the services or capital contributed by a partner are of sufficient importance to meet some objective standard supposedly established by the Tower case, but whether, considering all the facts— the agreement, the conduct of the parties in execution of its provisions...
Page 88 - Simply an operation having no business or corporate purpose — a mere device which put on the form of a corporate reorganization as a disguise for concealing its real character, and the sole object and accomplishment of which was the consummation of a preconceived plan, not to reorganize a business or any part of a business, but to transfer a parcel of corporate shares to the petitioner.
Page 28 - Where, as part of the consideration to the taxpayer, another party to the exchange assumed a liability of the taxpayer or acquired from the taxpayer property subject to a liability, such assumption or acquisition (in the amount of the liability) shall, for purposes of this section, be treated as money received by the taxpayer on the exchange.
Page 335 - ... by anticipatory arrangements and contracts however skilfully devised to prevent the salary when paid from vesting even for a second in the man who earned it. That seems to us the import of the statute before us and we think that no distinction can be taken according to the motives leading to the arrangement by which the fruits are attributed to a different tree from that on which they grew.