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The Court also rejected the premise that there is a bright line as to what constitutes a gift for taxation purposes. Id at 287. Instead, when determining whether something is a gift for taxation purposes, the critical consideration is the transferor's intention. Duberstein at 285-286 (citing Bogardus v. Commissioner, 302 U.S. 34 (1937)). This ...
Case history; Prior: Bogardus v. Helvering, 88 F.2d 646 (2d Cir. 1937); cert. granted, 301 U.S. 674 (1937).: Holding; That a distribution of money by a corporation, by a resolution passed by the board of directors and stockholders, to the company's past and present employees who had no ties with the corporation, in recognition of their past service was a non-taxable gift which the company ...
The Second Circuit Court of Appeals reversed the Tax Court and held it to be a capital loss. [2] The U.S. Supreme Court agreed with the Second Circuit and held that it was a capital loss. [1] Allowing the income from the liquidation to be taxed as a capital gain, while allowing loss payments out of that income to be deducted as an ordinary ...
Pay Income Tax Then Litigate, Internal Revenue Act Dusky v. United States: 362 U.S. 402 (1960) standard for adjudicative competence: Commissioner v. Duberstein: 363 U.S. 278 (1960) definition of a 'gift' for taxation purposes Flemming v. Nestor: 363 U.S. 603 (1960) no property right in Social Security benefits Boynton v. Virginia: 364 U.S. 454 ...
A former family law commissioner refused gifts from litigants while U.S. Supreme Court justices have accepted thousands of dollars in gifts. Where’s the ethics?: From our readers
Astrue v. Capato, 566 U.S. 541 (2012), was a case in which the Supreme Court of the United States held that children conceived after a parent's death are not entitled to Social Security Survivors benefits if the laws in the state that the parent's will was signed in forbid it. [1]
The disturbing news of a death in a home can give some potential buyers the jitters, and eight states have laws that compel sellers to disclose a death on the property, per the analysis.
U.S. Supreme Court justices reported receiving gifts including a stay in a Bali hotel and tickets to a Beyoncé concert, as well as nearly $1.6 million in book advances and royalties in annual ...