Reports of the Tax Court of the United States, Volume 7U.S. Government Printing Office, 1947 - Taxation |
From inside the book
Results 1-5 of 100
Page 26
... cost or fair market value . The other issue is whether petitioner realized additional income for the taxable years by virtue of collections on certain accounts and notes receivable which had no cost basis on petitioner's books . A third ...
... cost or fair market value . The other issue is whether petitioner realized additional income for the taxable years by virtue of collections on certain accounts and notes receivable which had no cost basis on petitioner's books . A third ...
Page 30
... cost of the assets to you , even though acquired at a bargain price . The cost is meas- ured by the liabilities assumed and the fair market value of the common stock issued therefor , which value is held to be not more than the ...
... cost of the assets to you , even though acquired at a bargain price . The cost is meas- ured by the liabilities assumed and the fair market value of the common stock issued therefor , which value is held to be not more than the ...
Page 33
... cost of such property . The facts show that peti- tioner issued 521 shares of its common stock and assumed $ 66,000 of liabilities in order to acquire properties having an admitted fair market value of over $ 247,000 . The value ...
... cost of such property . The facts show that peti- tioner issued 521 shares of its common stock and assumed $ 66,000 of liabilities in order to acquire properties having an admitted fair market value of over $ 247,000 . The value ...
Page 47
... cost against the Tri - State account . However , Equipment in turn purchased the entire output of Tri - State and offset the selling price thereof against the cost of equipment and materials furnished to Tri- State . During 1941 the ...
... cost against the Tri - State account . However , Equipment in turn purchased the entire output of Tri - State and offset the selling price thereof against the cost of equipment and materials furnished to Tri- State . During 1941 the ...
Page 58
... cost basis was $ 1,896 . On the same day a lot having a cost basis of $ 2,000 was con- veyed to petitioner , as trustee . No withdrawals of corpus have been made from any of the trusts . The instruments creating the three trusts are ...
... cost basis was $ 1,896 . On the same day a lot having a cost basis of $ 2,000 was con- veyed to petitioner , as trustee . No withdrawals of corpus have been made from any of the trusts . The instruments creating the three trusts are ...
Contents
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Common terms and phrases
acquired agreement amended amount assets bank basis beneficiary bonds capital cash cent claim Clarksburg Glass COMMISSIONER OF INTERNAL computed contract corporation cost death decedent decedent's December 31 deduction deficiency determined distributed Docket earnings entitled excess profits tax expenses filed FINDINGS OF FACT fiscal year ended follows gift tax gross income Harry and Max held Helvering included income tax income tax return installment interest Internal Revenue Code investment issue January July June 30 lease Lehn & Fink loss manufacturing Memphis Hotel ment mortgage net income operation paid parties partners partnership payment Peabody Hotel peti petitioner petitioner's prior purchase purposes pursuant question received renegotiation reorganization respondent respondent's Revenue Act Rimnik royalty section 23 sell settlor shares Sherover statute stipulated stockholders supra TAX COURT taxable taxpayer thereof tion tioner transfer trust trust instrument UNITED STATES REPORTS
Popular passages
Page 884 - To the extent of any interest therein of which the decedent has at any time made a transfer, by trust or otherwise, 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...
Page 478 - ... 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 645 - 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 20 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 538 - ... (b) There shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for its taxable year which Is to be distributed currently...
Page 405 - General rule. — (1) Decree of divorce or separate maintenance. — If a wife is divorced or legally separated from her husband under a decree of divorce or of separate maintenance...
Page 413 - Immediately after the transfer an interest or control In such property of 80 per centum or more remained In the same persons or any of them, then the basis shall be the same as It would be In the hands of the transferor, Increased In the amount of gain or decreased In the amount of loss recognized to the transferor upon gueh transfer under the law applicable to the year In which the transfer was made.
Page 492 - reorganization" means (A) a merger or consolidation (including the acquisition by one corporation of at least a majority of the voting stock and at least a majority of the total number of shares of all other classes of stock of another corporation, or substantially all the properties of another corporation...
Page 689 - Intervals) received after such decree in discharge of (or attributable to property transferred, in trust or otherwise, in discharge of) a legal obligation which, because of the marital or family relationship, is Imposed on or incurred by the husband under the decree or under a written Instrument Incident to such divorce or separation.
Page 373 - 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...