Cases Decided in the Court of Claims of the United States, Volume 85

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U.S. Government Printing Office, 1938 - Law reports, digests, etc
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Page 520 - ... in the case of income which, in the discretion of the fiduciary, may be either distributed to the beneficiary or accumulated, 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 properly paid or credited during such year to any legatee, heir or beneficiary...
Page 162 - BASIS. (a) Dealers in personal property. Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 118 - As used in this title in respect of a tax imposed by this title "deficiency" means — (a) The amount by which the tax imposed by this title exceeds the amount shown as the tax by the taxpayer upon his return...
Page 276 - W. X., his executors, administrators or assigns ; for which payment, well and truly to be made, I bind myself, my heirs, executors and administrators, firmly by these presents.
Page 521 - 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 226 - If a taxpayer receives earnings under a claim of right and without restriction as to its disposition, he has received income which he is required to return, even though it may still be claimed that he is not entitled to retain the money, and even though he may still be adjudged liable to restore its equivalent.
Page 429 - The Board shall have jurisdiction to redetermine the correct amount of the deficiency even if the amount so redetermined is greater than the amount of the deficiency, notice of which has been mailed to the taxpayer, and to determine whether any penalty, additional amount or addition to the tax should be assessed — if claim therefor is asserted by the Commissioner at or before the hearing or a rehearing.
Page 223 - Whenever in the opinion of the Commissioner the use of inventories is necessary in order clearly to determine the income of any taxpayer, inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income.
Page 161 - ... (b) Sales of realty and casual sales of personalty. — In the case (1) of a casual sale or other casual disposition of personal property (other than 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), for a price exceeding $1,000...
Page 429 - Board has become final or after the taxpayer has filed a petition for review of the decision of the Board.

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