Reports of the Tax Court of the United States, Volume 2U.S. Government Printing Office, 1943 - Taxation |
From inside the book
Results 1-5 of 100
Page 17
... percent accretions , or the approxi- mate equivalent thereof . Consequently , it has approved the use of policies providing for reserves computed upon recognized mortality tables and assumed rates of interest , as well as policies ...
... percent accretions , or the approxi- mate equivalent thereof . Consequently , it has approved the use of policies providing for reserves computed upon recognized mortality tables and assumed rates of interest , as well as policies ...
Page 20
... percent accretions . We have not overlooked the statements in the agreed facts that " no stipulation is made or intended , either directly or inferentially , as to the correctness or incorrectness of the actuary's report " or " as to ...
... percent accretions . We have not overlooked the statements in the agreed facts that " no stipulation is made or intended , either directly or inferentially , as to the correctness or incorrectness of the actuary's report " or " as to ...
Page 91
... percent of petitioner's capital stock . In the event the option was exercised , the purchase price to be paid to Delaware was $ 59,066.44 , this sum being 52 percent of petitioner's net worth on October 31 , 1931 , plus 52 percent of ...
... percent of petitioner's capital stock . In the event the option was exercised , the purchase price to be paid to Delaware was $ 59,066.44 , this sum being 52 percent of petitioner's net worth on October 31 , 1931 , plus 52 percent of ...
Page 92
... percent of the combined indebtedness of petitioner to Stand- ard and Delaware , then Delaware should transfer to Standard 52 percent of petitioner's stock without any payment or act by Standard . However , if at the time the option ...
... percent of the combined indebtedness of petitioner to Stand- ard and Delaware , then Delaware should transfer to Standard 52 percent of petitioner's stock without any payment or act by Standard . However , if at the time the option ...
Page 106
... percent of its shares were held by the bank and 49 percent by three others . Claimant was engaged in growing and buying sugar cane and proc- essing it by the sulphitation process into refined sugar ( plantation granulated ) , raw sugar ...
... percent of its shares were held by the bank and 49 percent by three others . Claimant was engaged in growing and buying sugar cane and proc- essing it by the sulphitation process into refined sugar ( plantation granulated ) , raw sugar ...
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Common terms and phrases
accrued adjustment agreement amended amount annuity applied assets bad debt Bank basis beneficiary bonds capital stock cash certificates claimed COMMISSIONER OF INTERNAL common stock computed contract corporation corpus cost Court decedent December 15 December 31 deduction deficiency Delaware corporation determined disallowed distribution dividends Docket earnings or profits employees entitled estate tax excess profits tax expenses filed follows fund gift tax gross estate gross income held Helvering included income tax income tax return indebtedness insurance companies interest Internal Revenue Code issue January June June 15 liability liquidation loss ment Murphey net income notes October 11 opinion paid partnership payable payment percent period peti petitioner petitioner's policies preferred stock premiums principal prior purchase purpose question received respect respondent respondent's Revenue Act section 23 securities shares statute stipulated stockholders supra taxpayer thereof tion tioner transaction transfer trust trust instrument wife
Popular passages
Page 356 - 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 ; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Page 50 - ... forthwith in good faith, under regulations prescribed by the Commissioner with the approval of the Secretary, expended in the acquisition of other property similar or related in service or use to the property so converted...
Page 633 - ... 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 (1) 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...
Page 360 - The trustee of the estate of a bankrupt, upon his appointment and qualification, and his successor or successors, if he shall have one or more, upon his or their appointment and qualification, shall in turn be vested by operation of law with the title of the bankrupt as of the date he was adjudged a bankrupt...
Page 919 - 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. The gain or loss to the distributee resulting from such exchange shall be determined under section 111, but shall be recognized only to the extent provided in section 112.
Page 100 - ... organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, including the encouragement of art and the prevention of cruelty to children or animals...
Page 271 - July 1, 1926, there shall be deducted and withheld from the basic salary, pay, or compensation of each employee...
Page 413 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, * * « ***** "(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 229 - ... under a life insurance or endowment contract, but if such amounts (when added to amounts received before the taxable year under such contract) exceed the aggregate premiums or consideration paid (whether or not paid during thft taxable year) then the excess shall be included in gross income.
Page 209 - ... 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 and before his death (1) the possession or enjoyment of, or the right to the Income from, the property...