Massachusetts Reports: Cases Argued and Determined in the Supreme Judicial Court of MassachusettsH.O. Houghton and Company, 1919 |
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abatement accumulated profits administrator or trustee assessed BRALEY cash dividend cestui que trust class of property Commonwealth Constitution decision declared and paid distribution of capital estates executors exemption from taxation Forty-fourth Amendment gains derived Girard Trust Company held in trust income derived income received income tax act income tax law intangible personal property Legislature Mass Mitchell Brothers money at interest November 29 owner pawnbroker petition petitioner place of business profits earned property tax provisions purchases and sales question rate upon incomes received during 1916 rights to subscribe RUGG sale of rights sales of intangible shares of stock six per cent Sixteenth Amendment Southern Pacific Co statute took effect stock dividend stockholder subject to taxation tangible personal property Tax Commissioner tax on income taxable as income taxpayer tenant and remainderman testator tion trust fund trustee in Pennsylvania trustee resident Union Pacific Railroad W. H. Hitchcock word income
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20. lappuse - In essence the thing which has been done is to distribute a symbol representing an accumulation of profits, which instead of being paid out in cash is invested in the business, thus augmenting its durable assets. In this aspect of the case the substance of the transaction is no different from what it would be if a cash dividend had been declared with the privilege of subscription to an equivalent amount of new shares.
30. lappuse - ... chapter four hundred and ninety of the acts of the year nineteen hundred and nine and acts in amendment thereof and in addition thereto...
27. lappuse - If an inhabitant of this commonwealth receives income from one or more executors, administrators or trustees, none of whom is an inhabitant of this commonwealth or has derived his appointment from a court of this commonwealth, such income shall be subject to the taxes assessed by this act, according to the nature of the income received by the executors, administrators or trustees.
27. lappuse - Legislature has done is to provide (1) that "personal property held in trust by an executor, administrator or trustee, the income of which is payable to another person, shall be assessed to the executor, administrator or trustee in the city or town in which such other person resides, if within the commonwealth," and if he resides out of the commonwealth, in the place where the trustee resides (St.
34. lappuse - The income tax is measured by reference to the riches of the person taxed actually made available to him for valuable use during a given period. It establishes a basis of taxation directly proportioned to ability to bear the burden. It is founded upon the protection afforded to the recipient of the income by the government of the Commonwealth of his residence in his person, in his right to receive the income and in his enjoyment of the income when in his possession. That government provides for him...
32. lappuse - ... there, Fidelity & Columbia Trust Co. v. Louisville, 245 US 54, 59. As stated in that case: 'It is unnecessary to consider whether the distinction between a tax measured by certain property and a tax on that property could be invoked in a case like this. Flint v. Stone Tracey Co.. 220 US 107. 146, 162, et seq. Whichever this tax technically may be, the authorities show that it must be sustained.
13. lappuse - That, subject only to such exemptions and deductions as are hereinafter allowed, the net income of a taxable person shall include gains, profits, and income derived from salaries, wages, or compensation for personal service of whatever kind and in whatever form paid...
8. lappuse - Full power and authority are hereby given and granted to the general court to prescribe for wild or forest lands such methods of taxation as will develop and conserve the forest resources of the commonwealth.
32. lappuse - In determining his wealth at his domicile for the purposes of this sort of tax. The notion that a man's personal property upon his death may be regarded as a universitas and taxed as such, even if qualified, still is recognized both here and In England. Bullen v. Wisconsin, 240 US 625, 631, 36 Sup.
11. lappuse - In general, income is the gain derived from capital, from labor, or from both combined, provided it be understood to include profit gained through a sale or conversion of capital assets.