Effect of the Present Tax Structure on Small Business, Hearings Before Subcommittee No. 2 of ... 83-1 Pursuant to H. Res. 22 |
Common terms and phrases
1st Q 2nd 2nd Q 3rd 3rd Q 4th 4th Q 1st 4th Q 4th accounts payable amount basis BOTWINICK capital surplus cash committee Congress corporate tax cost current assets current liabilities Depreciation and depletion dollars Earned surplus economy equity estimated excess-profits tax excise tax exemption expenses Federal income taxes Federal taxes Federal Trade Commission FOLSOM fourth quarter going HORACE SEELY-BROWN HOSMER income or deductions increase independent fabricator industry Internal Revenue Inventories investment Long-term debt loss luggage and leather manufacturing corporations ment million MORRISSEY Net income percent present tax problem profits tax Q 2nd Q Q 3rd Q Q 4th Q recommendations REDLICH retail SEELY-BROWN SHEAFFER SHEEHAN small business small corporations statement stockholders surplus and surplus Surplus at close surplus reserves surtax tax laws tax rates tax structure taxable taxation taxpayer theaters tion Treasury U. S. Government securities YATES
Popular passages
Page 261 - Retail stores in the sample are classified in accordance with the Standard Industrial Classification Manual, issued by the Bureau of the Budget for the purpose of providing a standard for the classification and presentation of establishment data oy all Federal agencies.
Page 320 - Upon all perfumes, essences, extracts, toilet waters, cosmetics, petroleum jellies, hair oils, pomades, hair dressings, hair restoratives, hair dyes, tooth and mouth washes...
Page 79 - For purposes of paragraph (1), the term "nonbusiness debt" means a debt other than — (A) A debt created or acquired (as the case may be) in connection with a trade or business of the taxpayer; or (B) A debt the loss from the worthlessness of which is incurred in the taxpayer's trade or business.
Page 273 - If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend...
Page 82 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 79 - Deductions otherwise allowed by law not attributable to the operation of a trade or business regularly carried on by the taxpayer...
Page 162 - ... 6. As you know, the Ways and Means Committee of the House of Representatives is currently engaged in a comprehensive reexamination of the existing tax structure. To help achieve this objective, I have asked the Secretary of the Treasury to present by the end of the year recommendations to remove existing inequities of our tax structure, simplify the needless complications which have developed over the years in tax laws, and generally secure a better balance of tax revenues.
Page 156 - We must develop a system of taxation which will impose the least possible obstacle to the dynamic growth of the country. This includes particularly real opportunity for the growth of small businesses. Many readjustments in existing taxes will be necessary to serve these objectives and also to remove existing inequities. Clarification and simplification in the tax laws as well as the regulations will be undertaken.
Page 246 - Other long-term debt Other noncurrent liabilities Total liabilities Reserves not reflected elsewhere Capital stock, capital surplus, and minority interest Earned surplus and surplus reserves Total stockholders' equity Total liabilities and stockholders...
Page 274 - The certainty of what each individual ought to pay is, in taxation, a matter of so great importance, that a very considerable degree of inequality, it appears, I * Wealth of Natiom, book v.