Revenue Revision 1927-28: Hearings Before the Committee on Ways and Means, House of Representatives, Interim, 69th-70th Congresses, October 31 to November 10, 1927, Including Briefs, Memoranda, and Letters Received Up to November 26, 1927 : Indexed |
From inside the book
Results 1-5 of 100
Page 8
... cent . Including both the Fed- eral and State taxes , the percentage of taxes to net income paid in some of our principal industrial States ranges from 26.25 per cent in Michigan to 41.04 per cent in Connecticut , 47.72 per cent in Min ...
... cent . Including both the Fed- eral and State taxes , the percentage of taxes to net income paid in some of our principal industrial States ranges from 26.25 per cent in Michigan to 41.04 per cent in Connecticut , 47.72 per cent in Min ...
Page 9
... cent of their taxable income . Thus we have a strange and inconsistent situation in which the owners of our corporations , some 3,000,000 individuals , are taxed indirectly at the rate of 132 per cent on all or part of their income ...
... cent of their taxable income . Thus we have a strange and inconsistent situation in which the owners of our corporations , some 3,000,000 individuals , are taxed indirectly at the rate of 132 per cent on all or part of their income ...
Page 11
... cent of the cases where the net income of the corporation was $ 100,000 and less a similar conclusion was true . Out of 252,334 corporations reporting net income for the calendar year 1925 , no ... cent to 20 per cent GENERAL STATEMENTS 11.
... cent of the cases where the net income of the corporation was $ 100,000 and less a similar conclusion was true . Out of 252,334 corporations reporting net income for the calendar year 1925 , no ... cent to 20 per cent GENERAL STATEMENTS 11.
Page 12
... cent to 20 per cent . While there was a readjustment of the intermediate surtax rates , the effect of the drastic cut in the maximum surtax rates and the sharp reduction in normal rates was to benefit the small taxpayers and the large ...
... cent to 20 per cent . While there was a readjustment of the intermediate surtax rates , the effect of the drastic cut in the maximum surtax rates and the sharp reduction in normal rates was to benefit the small taxpayers and the large ...
Page 15
... cent of our population returned 95.5 per cent of our total income tax ; about 1.9 per cent returned 4.5 per cent , and the remaining 97.8 per cent of the population returned no tax whatso- ever . Obviously , some other taxes should be ...
... cent of our population returned 95.5 per cent of our total income tax ; about 1.9 per cent returned 4.5 per cent , and the remaining 97.8 per cent of the population returned no tax whatso- ever . Obviously , some other taxes should be ...
Common terms and phrases
80 per cent allowed amendment amount assessment Association BACHARACH basis believe beneficiaries BLODGETT Board of Tax Bureau capital gain CHAIRMAN CHINDBLOM claim Class I railroads collected commissioner committee Congress corporation income corporation tax cost debt decision depreciation earned estimate exemption expenses fact favor February 26 Federal estate tax Federal Government Federal tax filed fiscal Florida GARNER gentlemen Governor HAWLEY HULL income-tax individual inheritance tax installment interest Internal Revenue legislature levy MACCHESNEY matter MCLAUGHLIN ment MILLS National net income nonresident aliens organization payment present profit provision purpose question RAINEY real estate recommend reduction reference refund regulations remainderman repeal represent resolution revenue act SATTERWHITE Secretary Senate statement statute of limitations stockholders submitted suggested surtax Tax Appeals taxable taxation taxpayer Territory of Hawaii tion TREADWAY Treasury Department trust United
Popular passages
Page 267 - ... property ; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.
Page 261 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 264 - BASIS. (a) Dealers in personal property. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Page 435 - fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person. (7) The term " withholding agent " means any person required to deduct and withhold any tax under the provisions of section 143 or 144.
Page 457 - ... bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment.
Page 280 - For purposes of this section, the term "earned income" means wages, salaries, or professional fees, and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. In the case of a taxpayer engaged in...
Page 423 - ... because there is accumulated and maintained by it a reserve required by State law or a reasonable reserve for any necessary purpose.
Page 422 - ... for the purpose of purchasing supplies and equipment for the use of members or other persons, and turning over such supplies and equipment to them at actual cost, plus necessary expenses.
Page 422 - Farmers', fruit growers', or like associations organized and operated on a cooperative basis (a) for the purpose of marketing the products of members or other producers, and turning back to them the proceeds of sales, less the necessary marketing expenses...
Page 257 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...