Revenue Revisions, 1947-48. Hearings..., Eightieth Congress, First Session, on Proposed Revision of the Internal Revenue Code, Pt. 4, Part 4
U.S. Government Printing Office, 1948
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advantage agricultural amount basis believe capital cash CHAIRMAN co-ops committee common competition concerned Congress consumer cooperative associations corporation cost County course Department directors distribution earnings effect enterprise equality exemption expenses fact Farm Bureau farmers Federal Federal income feed funds further GEARHART give going Government grain handled income tax increase individual interest Internal Revenue Code issued marketing Martin matter mean meeting membership milk operation organization paid patronage dividends patronage refunds patrons payment percent person plant position present profit purchasing question reason received record referred represent reserves result retail rulings savings section 101 sell share shows statement stockholders supplies tax exemption taxation thing tion Treasury understand United wholesale
Page 2187 - Exemption shall not be denied any such association because it has capital stock, if the dividend rate of such stock is fixed at not to exceed the legal rate of interest in the State of incorporation or 8 per centum per annum, whichever is greater, on the value of the consideration for which the stock was issued...
Page 2375 - 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, on the basis of either the quantity or the value of the products furnished by them, or...
Page 2351 - States or any of its agencies shall be disregarded in determining the right to exemption under this paragraph; "(13) Corporations organized by an association exempt under the provisions of paragraph (12), or members thereof, for the purpose of financing the ordinary crop operations of such members or other producers, and operated in conjunction with such association. Exemption shall not be denied any such corporation because it has capital stock if the dividend rate of such stock is fixed at not...
Page 2195 - ... in an amount the value of which does not exceed the value of the supplies and equipment purchased for members, provided the value of the purchases made for persons who are neither members nor producers does not exceed 15 per centum of the value of all its purchases.
Page 2613 - Issued, and if substantially all such stock (other than nonvoting preferred stock, the owners of which are not entitled or permitted to participate, directly or indirectly in the profits of the association, upon dissolution or otherwise, beyond the fixed dividends) is owned by producers who market their products or purchase the'ir supplies and equipment through the association...
Page 2362 - The farmers' cooperatives exempt from taxation to the extent provided in subsection (a) are 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, on the basis of either the quantity or the value of the products furnished by them, or (B) for the purpose of purchasing supplies and equipment for the...
Page 2633 - Income may be defined as the gain derived from capital, from labor, or from both combined," provided it be understood to include profit gained through a sale or conversion of capital assets, to which it was applied in the Doyle Case (pp.
Page 2290 - Industry published by the Bureau of Foreign and Domestic Commerce of the Department of Commerce. The report, issued in 1917, gives data for an earlier period, the fiscal year 1913-14.
Page 1928 - ... private shareholder or individual, and in general all facts relating to its operations which affect its right to exemption. To such certificate shall be attached a copy of the charter or articles of incorporation, the by-laws of the organization, and the latest financial statement showing the assets, liabilities, receipts, and disbursements of the organization.
Page 1882 - The accumulation and maintenance of a reserve required by State statute, or the accumulation and maintenance of a reasonable reserve or surplus for any necessary purpose, such as to provide for the erection of buildings and facilities required in business, or for the purchase and installment of machinery and equipment, or to retire indebtedness incurred for such purposes, will not destroy the exemption.