Whiteside, Frederick W., Jr.

English

University of Kentucky

Kentucky Law JournalVolume 45 | Issue 1 Article 151956Montgomery's Federal Taxes edited by PhilipBardes, James J. Mahon Jr., John McCullough, andMark E. RichardsonFrederick W. Whiteside Jr.University of KentuckyFollow this and additional works at: https://uknowledge.uky.edu/kljRight click to open a feedback form in a new tab to let us know how this document benefitsyou.This Book Review is brought to you for free and open access by the Law Journals at UKnowledge. It has been accepted for inclusion in Kentucky LawJournal by an authorized editor of UKnowledge. For more information, please contact UKnowledge@lsv.uky.edu.Recommended CitationWhiteside, Frederick W. Jr. (1956) "Montgomery's Federal Taxes edited by Philip Bardes, James J. Mahon Jr., John McCullough, andMark E. Richardson," Kentucky Law Journal: Vol. 45 : Iss. 1 , Article 15.Available at: https://uknowledge.uky.edu/klj/vol45/iss1/15Book ReviewMoNTcoMmy's FmBi.AL TAXEs. Edited by Philip Bardes, James J.Mahon, Jr., John McCullough, and Mark E. Richardson, 36th Edition,New York: The Ronald Press Co., New York, 1955, Pp. xiv, 913.$15.00.This standard handbook on federal tax law first appeared as a thinvolume in 1917 and is now in its 36th edition. The 35th edition, follow-ing the new Internal Revenue Code of 1954, was the first since thedeath in 1953 of Colonel Robert H. Montgomery who began and con-tinued the work with the assistance of accountants and lawyers in hiswell known accounting firm. The editors of the 35th and 36th editionsare four partners in the accounting firm of Lybrand, Ross Bros. &Montgomery, and some twenty tax specialists, lawyers and accountantsassociated with the firm are the contributing editors.The present work is a convenient one-volume book of somethingover 1000 condensed and well-organized pages. There are twenty-oneparts, with page numbering by the part number in bold face followedby the page number for the individual part. In addition, there is afifty-two page index, plus separate appendices tabulating tax ratesand indexing all references to Sections of the Internal Code and theRegulations.The handbook is primarily a practical work for the business execu-tive, cast insofar as possible in plain language rather than technicaltax terminology. As the editors state in the Foreword, the book isprimarily intended for "managers and owners of business enterprises,corporate executives, investors, and their professional advisers." Ineach part the introductory paragraphs first describe the scope of thatpart, followed by a concise explanation of the applicable provisionsof the 1954 Code, together with the corresponding 1939 provisionwhere available for comparison. The more important Treasury Regu-lations and a summary of interpretations by administrative rulings anddecisions are discussed. The concluding paragraphs to each part givevaluable advice on steps which the taxpayer can take to most effec-tively minimize his taxes. Some of the parts discuss broad conceptsnecessary to an understanding of basic tax principles, for example, theParts on "What is Income," "What is Not Income," and "Capital Gainsand Losses." For the most part, however, the plan of organization isKErNucKy LAw JouRNALbased upon the type of business involved, as is true of the material inthe parts dealing with "Real Property and Other Tangible FixedAssets," "Securities," "Natural Resources," "Corporations" and "Partner-ships." Thus, the functional approach is the keynote. All of the widelyscattered sections of the Code concerning such matters as problems inreal estate or securities transactions are explained in each instance inthe same place. This is essential for use by the busy executive, but canat times be a great help to the lawyer, whether or not a tax specialist,for convenient reference purposes. For example, there is succinct andcareful weighing of the many factors which may determine the choiceof the corporation as opposed to the partnership or proprietorship formof doing business. The factors not directly affecting the total tax billare not overlooked, nor are long range as opposed to immediate con-siderations. All the provisions of tax law affecting corporations, in-cluding their formation, liquidation and reorganization and certainspecial provisions are analyzed in the 180 page part on corporations.The same is done for partnerships (45 pages). Especially useful ineach case is the discussion of the opportunities for advance planningat the conclusion of each part.There are necessarily limits to what can be accomplished in a workof this nature and length. This is a handbook, a quick reference workfor those seeking the bare outlines of essential tax information govern-ing their business. Because of limitations of space the citations to courtdecisions and Treasury rulings substantiating the legal and practicalopinions expressed are not provided for the user of the treatise. Forthis reason the lawyer with an elusive legal question of substance willprobably not find the answer in this book. For reference purposes heneeds one of the standard tax services or treatises presenting more de-tailed treatment or analysis. The latter is, of course, a necessary tool.Nevertheless, the analysis in most areas treated in this work goes muchdeeper than a mere explanation of the statutory provisions, in that itreflects the intensive practical experience of the writers. Further, as alucid explanation of the complex statutory provisions, the work shouldbe most useful to the lawyer as well as to the businessman.University of Kentucky Frederick W. Whiteside, Jr.

Montgomery\u27s Federal Taxes edited by Philip Bardes, James J. Mahon Jr., John McCullough, and Mark E. Richardson

https://uknowledge.uky.edu/cgi/viewcontent.cgi?article=3416&amp;context=klj

Montgomery\u27s Federal Taxes edited by Philip Bardes, James J. Mahon Jr., John McCullough, and Mark E. Richardson

Abstract

Similar works

Full text

Available Versions

University of Kentucky