The Supreme Court case, Commissioner v. Tufts, 463 U.S. 1215 (1983) Essay

The Supreme Court case, Commissioner v. Tufts, 463 U.S. 1215 (1983) - Essay Example The court based its decision on a tax benefits theory. The taxpayer would have received untaxed income as at the time the loan was extended unless the amount of the mortgage shall be deemed to have been realized. The taxpayer would have therefore received untaxed income at that time when the loan was extended and would have been entitled to an increase in his basis in the property for depreciation purposes by the amount of his liability and would avoid taxation upon the ending of the obligation (Watson, 2011). i) The first is the fact that loan proceeds do not qualify as income to a taxpayer because he incurs an obligation to repay the loan at the agreed terms to the creditor. If and when the borrower is relieved of the liability for the loan, the proceeds of the loan will henceforth be included in his income as if he received the cash to satisfy the obligation. It takes us back to point the difference that is apparent when compared to Crane v. Commissioner: 331 U.S. 1 (1947). In this matter the petitioner had sought the Supreme Court‘s judicial review of an earlier decision by the court of appeal on how a taxpayer who acquired property subject to the unassumed mortgage. The taxpayer held the property for some time before selling so encumbered and was to account for taxable gains from the sale proceeds. The Supreme Court held by affirming the decision of the court of appeal that had held that the tax court’s use of equity as a basis for the determination of either a gain or l oss was, therefore, improper. ii) The second fact is that the recovery within a taxable year of a previously deducted item must, therefore, be included in gross income to the extent that it produced a tax benefit in that previous year. Deductions for the purposes of depreciation provide a shelter from tax. Therefore, a taxpayer’s basis in his

Skull identitation Essay Example | Topics and Well Written Essays - 500 words

Skull identitation - Essay Example In addition, the observed physical characteristics on the frontal view and the profile views were also taken into consideration. For instance, the jaws and other features present in these different skulls. This skull exhibits large supraorbital height index of approximately71 uv/tv. This almost matches the supraorbital size of Australopithecus africanus skull and Neanderthal skulls that are 70uv/tv and 70uv/tv respectively. An analysis on the nuchal ridge area was also taken it had a height of 39tw/tv. A comparison was then drawn with regard to the known varieties; there was closeness with the nuchal skull of Australopithecus africanus and Neanderthal that had a nuchal area of 38tw/tv and 37tw/tv respectively. A further measurement was done on the condylar position on the skull. It was found out that the condylar position index was 44xy/xz. When this was compared with known varieties of skulls; there was an exact match with the condylar index of Australopithecus africanus that was also 44xy/xz. To ascertain the identity of this skull, a further analysis was done and the physical characteristics of the skull and different traits were observed. The canine teeth were relatively smaller and the shape of the jaw was fully parabolic. These characteristic were shared with the skull of Australopithecus africanus. In general, this skull is possibly a skull of Australopithecus africanus The results revealed that the supraorbital height index of this skull is 66uv/tv which was relatively smaller compared to the first skull (Elbroch, 2006). Although, this exactly matches supraorbital size of Homo sapiens skull that is also 66uv/tv. Another study on the nuchal area height was also conducted and gave a height of 18tw/tv. It was observed that it was also smaller in size compared to that of the first skull but was closer to that of Australopithecus robustus. A