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CONTENTS

VOLUME 1

I. MAJOR OBJECTIVES AND GUIDES FOR TAX REFORM

A. GENERAL APPRAISAL OF THE INCOME TAX

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77

The Federal Income Tax Base for Individuals-Stanley S. Surrey --
Some Realities of Tax Reform-Geoffrey J. Lanning-
Major Objectives of and Guides for Income Tax Reform-Joseph Sneed..
Tax Policy and Preferential Provisions in the Income Tax Base ---Walter J.

Blum.at
Federal Income Tax Revision-Roswell Magill.
What's Wrong with the Federal Tax System?-Herbert Stein.
Taxes From the Workers' Viewpoint-Peter Henle..
Objectives of and Guides for Tax Rate Reform-John C. Davidson..
Guidelines of Income Tax Reform for the 1960's-Neil H. Jacoby ---

87
107
119
139
157

B. THE RELATIVE ROLE OF INCOME TAXES IN THE TAX SYSTEM

169

181

193

The Role of Income Taxes in the U.S. Tax System and the Scope of Tax

Revision-Gerhard Colm.
Some Observations on the Role and Reform of the Federal Income Tax-

Walter W. Heller..
Possibilities of Broadening the Tax Base, Reducing Tax Rates and Pro-

moting Economic Growth-William Fellner...
The Appropriate Role of Commodity Taxation in the Federal Tax Struc-

ture-John F. Due.--
The Relative Role of Income Taxes in the Federal Tax System-William

J. McKinstry-
The Relative Role of Federal Taxes—Ralph Robey-
The Role of Individual Income Taxes in Federal-State-Local Fiscal

Relationships—Robert R. Nathan and Edward D. Hollander -
The Corporation Income Tax; An Empirical Appraisal-Arnold C.

Harberger

201

207
215

219

231

II. STATISTICAL ANALYSIS OF THE Tax BASE AND THE NATIONAL

INCOME

What Would a Comprehensive Individual Income Tax Yield?—Joseph A.

Pechman.
The Corporate Income Tax Base - William F. Hellmuth..

251
283

III. SPECIFIC ELEMENTS IN THE COMPUTATION OF TAXABLE

INCOME

A, INDIVIDUAL INCOME TAX EXCLUSIONS

Consistent Treatment of Items Excluded and Omitted From the Individual

Income Tax Base Melvin I. White.--
An Appraisal of Individual Income Tax Exclusions-Roy Wentz..
Individual Income Tax Exclusions-Lester M. Ponder-
Individual Income Tax Exclusions-Paul J. Strayer..
Social Security and the Personal Income Tax-Raymond Muntz.

317
329
341
351
353

B. INDIVIDUAL INCOME TAX DEDUCTIONS

365

Proper Income Tax Treatment of Deductions for Personal Expense

Melvin I. White---
Itemized Deductions for Personal Expenses and Standard Deductions in
: the Income Tax Law-Samuel H. Hellenbrand.

375

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391

407
419
435

Personal Deductions in the Individual Income Tax-C. Harry Kahn.---
The Deductibility of State and Local Taxes Under the Individual Income

Tax-Harvey E. Brazer..
Deductions and Credits for State Income Taxes--Walter W. Heller..
Appraisal of Personal Deductions—Bruce Lee Balch..
The Individual Income Tax Base and the Charitable Contributions De-

duction-Jack E. Gelfand...
Individual Income Tax Deductions Applying to Gifts to Colleges and

Universities-Frank H. Sparks and Paul E. Klopsteg ---
Personal Deductions and the Federal Income Tax-Ray Trammell.--

441

447
457

C. TAXATION OF FAMILY INCOME

473

487

493

Income Splitting-Joseph A. Pechman.
An Inquiry into the Possibility of Lowering the Tax Rates by Increasing

the Tax Base Through Elimination of Income Splitting-Eugene J.

Brenner
The Place of the Personal Exemptions in the Present-Day Income Tax-

Lawrence H. Seltzer.
To Restore Balance and Equity in Family Income Taxation-Everett M.

Kassalow..
Personal Exemptions-Martin Atlas --
Parent and Child—and Taxes: Some Problems in Dependency~C. Lowell

Harriss.
Treatment of Family Income-Paul Strayer..

515
525

531
537

D. TAXATION OF THE AGED

539

Income and Tax Status of the Aged: Present Situation and Possible

Modifications of Existing Policies— Wilbur J. Cohen.--
Taxation of the Aged: Retirement Income Credit and the Like-Eveline

M. Burns...
Taxation of the Aged-Dwight S. Sargent.
Taxation of the Aged-Ethel Percy Andrus..

551
559
563

E. TAXATION OF FLUCTUATING INCOMES

Effect of Taxation on Individuals with Fluctuating Incomes--Adrian

Kragen.----
Averaging Income for Income Tax Purposes-Wilbur A. Steger -
Taxation of Fluctuating Income-W. E. Dickerson
Fluctuating Income-John P. Carroll, Jr
Averaging Taxable Income_Stephen H. Hart.
Federal Tax Treatment of Fluctuating Income-William A. Cromartie.--
Taxation of Fluctuating Income-George F. Newman.
An Averaging Proposal — Ralph Becker...

579
589
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645
663
669
675

F. THE EXEMPTION OF INTEREST ON STATE AND LOCAL BONDS

679

701

721

State and Local Bond Interest-Vance N. Kirby
Exclusion From Income of Interest on State and Local Government Obli-

gations-James A. Maxwell.
Interest on State and Local Bonds and the Federal Income Tax-Harvey

Brazer..
Exclusion From Taxable Income of Interest on Municipal Bonds To Sub-

sidize Industry Should Be Discontinued-Solomon Barkin.-
Exemption of Interest on State and Municipal Bonds—Cushman McGee.
An Evaluation of the Effect of the Removal of Tax Exemption on State

and Local Bonds—Harry L. Severson.-
Federal Taxation of the Interest Paid by States and Political Subdivisions

Upon Their Obligations-Northeutt Ély.

729
737

775

783

VOLUME 2

G. BUSINESS DEDUCTIONS

1. Depreciation
Effects of Depreciation Allowances for Tax Purposes-Robert Eisner
Accelerated Depreciation and Opportunities for Tax Avoidance-J. Fred

Weston.---

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877
891
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Accelerated Depreciation-Sidney Davidson..
Capital Wastage Allowances-Joel Dean.
Depreciation-Joel Barlow.
Depreciation Policy for an Expanding Economy-George Kitendaugh.--
Tax Depreciation George Terborgh_
The Depreciation Deduction-LIFO Principle Should Be Extended To

Cover Depreciable Plant-William A. Paton..
Depreciation Reform-Maurice E. Peloubet.
Depreciation and Replacement-James K. Polk.
Depreciation Reform-William Hogan, S.J.-.

2. Percentage Depletion and Exploration and Development Costs
The Deduction for Percentage Depletion and Exploration and Develop-

ment Costs-Charles 0. Galvin..
Percentage Depletion and Resource Allocation-Peter O. Steiner.
The Role of Taxation in Providing for Depletion of Mineral Reserves

John Menge..
Tax Reform and the Depletion Allowance-Horace M. Gray-
Depletion and Exploration and Development Costs-Harry J. Rudick..
Percentage Depletion for Petroleum Production-Richard J. Gonzalez-
Percentage Depletion and Exploration and Development Costs—Scott C.

Lambert
Depletion and Exploration Expenses-Herbert C. Jackson..
Depletion and Exploration and Development Costs of the Mining In-

dustry-L. J. Randall..
Percentage Depletion and Exploration and Development Costs—Rolla D.
Campbell...

3. General Business Expenses
Business Expense Deductions: Travel and Entertainment–V. Henry

Rothschild II.-
General Business Expenses Other than Depreciation. Depletion and Explor-

ation and Development Costs and Research and Development Ex-

penses-Harry J. Rudick..
Business Deductions and General Business Expenses-Edward J. Schlaudt.
Tax Treatment of Entertainment Expenses-Byrne Litschgi.
General Business Expenses (but With Particular Reference to Entertain-

ment, Gift, and Travel Expenses) —Henry Cassorte Smith.
General Revenue Revision-Elisha Hanson..

4. Research and Development Expenditures
Income Tax Provisions Regarding Research and Development Expendi-

tures, Robert W. Cairns..
Research and Development Costs Charles R. Orem, Jr.
Research and Development Expenditures William M. Horne, Jr.----

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1041

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1069
1073
1075

1085
1097

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1111
1115

H. ACCOUNTING PROVISIONS

1125

Accounting Provisions-John M. Sullivan.
Tax Accounting for Prepaid Income and Reserves for Future Expenses-

Donald Schapiro...
An Evaluation of the Accounting Provisions of the Internal Revenue Code

1133

of 1954-Leslie Mills.--
An Analysis of Accounting Provisions— Willard J. Graham..
Farm Accounting Provisions--Harry M. Halstead...

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1175
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I. TREATMENT OF CAPITAL GAINS

Taxation of Capital Gains-Harold M. Groves.-
Definitional Problems in Capital Gains—Stanley S. Surrey.-
Tax Treatment of Capital Gains-Dan Throop Smith..
The Paradox of Capital Gains: Taxable Income that Ought Not To Be

Currently Taxed-Reuben Clark..

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1233

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Taxation of Capital Gains-Merle H. Miller.
Economic Consequences of Substantial Changes in the Method of Taxing

Capital Gains and Losses-Wilbur A. Steger---
The Capital Asset Definition—Leonard Silverstein..-

J. PENSIONS AND OTHER EMPLOYEE BENEFIT PLANS
Some Characteristics of Private Pension Plans-Daniel M. Holland....
The Mysterious Stock Option-Erwin N. Griswold.
Income Taxation of Savings for Retirement-Keith E. Morrison.
Treatment of Pension Plans-John W. McConnell...
Pension and Other Employee Benefit Plans-Joseph L. Seligman, Jr.--
Federal Tax Treatment of Pension and Other Employee Benefit Plans-

John K. Dyer, Jr.--
Pension and Other Employee Benefit Plans, Leonard Lesser-
Financial Freedom and a Dynamic Economy-Frank B. Cliffe and Allen

Marshall

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1337
1347
1353

1375
1383

1391

K. COMPLIANCE AND ENFORCEMENT

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1439

1. Amount of Unreported Income
Unreporting of Dividends and Interest on Tax Returns-Daniel M. Hol-

land.--
Coverage of Entrepreneurial Income on Federal Tax Returns-C. Harry
Kahn.

2. Procedures to Improve Income Reporting
Improving Income Tax Reporting-Russell C. Harrington.--
Compliance and Enforcement Problems-Edwin L. Kahn..--
Withholding for Interest and Dividends-Joseph A. Pechman...
Improvements in Tax Administration and Compliance - Thomas C.

Atkeson..
Revision of Tax Administration Standards for Better Reporting of Taxable

Income Richard T. Boehm...
The Underreporting of Farm Income: Problems and Recommendations-

Wayland Gardner.
Compliance and Enforcement: Procedures for Reducing Underreporting,

Spurgeon Avakian..
The Fable of the Seven Heavens-Michael D. Bachrach..

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VOLUME 3

IV. THE TAXABLE ENTITY

A. TREATMENT OF DIVIDENDS

D. TREATMENT OF PARTNERSHIPS AND CORPORATIONS TREATED

LIKE PARTNERSHIPS

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1707

E. INCOME OF ESTATES AND TRUSTS

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B. COOPERATIVES

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2077

Utility Service Organizations-E. Roy Gilpin.-

Federal Taxation of Income of States and Political Subdivisions-North-

cutt Ely-

Tax Exempt Organizations-Lewis E. Harris...

Business Income of Exempt Organizations—Norman Sugarman..

Business Activities of Exempt Scientific Research Organizations-Scott

Dunham.

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2101

2115

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