Tax Cases Decided with Opinions by the Supreme Court of the United States |
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1944 net income 54 Stat 62 Stat abated accrual basis actuarial adjusted admissions affirmed amount application argued the cause assessed assets average base period bank bequest to charity brief were Solicitor carry-back cash on hand certiorari charitable claimed Commissioner of Internal conditional bequest Congress conviction corporation corroboration Court of Appeals crime decedent's depositors determined District estate tax excess profits tax extrajudicial figure filed Glenshaw Glass Co Government's gross income Hartford-Empire Co Helvering income tax independent evidence Internal Revenue Code JUSTICE Kahriger ment nolo contendere Ohio Olympic Radio opening net worth operating loss payment period net income peti petitioner petitioner's prosecution period purposes refund reported respondent respondent's Revenue Act rule Security Trust Co Solicitor General Sobeloff statute statutory Supp supra Tax Court tax evasion tax liens tax returns taxable income taxpayer tion U. S. App voir dire wagers William Goldman worth computation worth method worth statement
Popular passages
Page 7 - 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 45 - If as of the date of a gift a transfer for charitable purposes is dependent upon the performance of some act or the happening of a precedent event in order that it might become effective, no deduction is allowable unless the possibility that the charitable transfer will not become effective is so remote as to be negligible.
Page 3 - ... any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof, shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, be fined not more than $10,000, or imprisoned for not more than five years, or both, together with the costs of prosecution.
Page 43 - The amount of all bequests, legacies, devises, or transfers, to or for the use of the United States, any State, Territory, any political subdivision thereof, or the District of Columbia, for exclusively public purposes...
Page 46 - Frequently, however, even when the plain meaning did not produce absurd results but merely an unreasonable one "plainly at variance with the policy of the legislation as a whole" this Court has followed that purpose, rather than the literal words.
Page 89 - paid or incurred' and 'paid or accrued' shall be construed according to the method of accounting upon the basis of which the net income is computed under this part.
Page 81 - All stocks, bonds, Treasury notes, and other obligations of the United States shall be exempt from taxation by or under State or municipal or local authority.
Page 78 - 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...
Page 39 - If the legatee, devisee, donee, or trustee is empowered to divert the property or fund, in whole or in part, to a use or purpose which would have rendered it, to the extent that it is subject to such power, not deductible had it been directly so bequeathed, devised, or given by the decedent, deduction will be limited to that portion, if any, of the property or fund which is exempt from an exercise of such power.
Page 36 - That for the purpose of the tax the value of the net estate shall be determined — "(a) In the case of a resident, by deducting from the value of the gross estate...