Tax Treatment of Earnings of Cooperatives: Hearings, Eighty-sixth Congress, Second Session. February 1-5, 1960Considers H.R. 7875, providing for taxation of dividends to patrons of cooperatives. Reviews special treatment cooperatives enjoy as Federal tax-exempt institutions. |
Contents
| 1 | |
| 5 | |
| 15 | |
| 28 | |
| 34 | |
| 41 | |
| 47 | |
| 60 | |
| 219 | |
| 231 | |
| 260 | |
| 319 | |
| 340 | |
| 349 | |
| 351 | |
| 363 | |
| 66 | |
| 73 | |
| 83 | |
| 121 | |
| 139 | |
| 173 | |
| 177 | |
| 186 | |
| 195 | |
| 388 | |
| 403 | |
| 405 | |
| 412 | |
| 413 | |
| 415 | |
| 438 | |
Other editions - View all
Common terms and phrases
agricultural ALGER basis bill bylaws cash certificates CHAIRMAN co-op committee competitive competitors Congress cooperative associations cooperative corporations cooperative's corporate level corporate tax court dairy deduction directors distribution earnings economic enterprise equity exempt fact farm supply farmer cooperatives Federal income tax FORAND GLASMANN grain gross income HARRISON interest Internal Revenue Code Internal Revenue Service investment issue June 30 legislation liquefied petroleum gas Long Poultry manufacturing margins ment Milk million net margins noncash patronage allocations noncash patronage refunds obligation Oechsle operations organization paid patron patronage dividends payment percent period present problem profits proposal proprietary corporations purchasing question received reinvestment result retained retained earnings Rumble savings single tax Southern States Cooperative statement stockholders tax advantage tax liability tax treatment tax-exempt tax-free taxable income taxation of cooperatives taxpayer taxpaying Thank tion tives Treasury bill
Popular passages
Page 332 - ... and equipment to them at actual cost, plus necessary expenses. 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 332 - 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 224 - Court, is a cooperative organization, incorporated under the Membership Corporations Law of the State of New York, its members being individuals who are either proprietors or representatives of about 950 daily newspapers published in all parts of the United States.
Page x - System." (b) The table of parts for subchapter O of chapter 1 of the Internal Revenue Code of 1954 is amended by adding at the end thereof the following: "Part VIII. Distributions pursuant to Bank Holding Company Act of 1956.
Page 309 - must be reasonable, not arbitrary, and must rest upon some ground of difference having a fair and substantial relation to the object of the legislation, so that all persons similarly circumstanced shall be treated alike.
Page 223 - An organization operated for the primary purpose of carrying on a trade or business for profit...
Page 332 - Such an association may market the products of nonmembers in an amount the value of which does not exceed the value of the products marketed for members, and may purchase supplies and equipment for nonmembers 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 308 - ... handle to seize hold of— leave in my mind only a confused sense of some vitally important, but successfully concealed, purport, which it is my duty to extract, but which is within my power, if at all, only after the most inordinate expenditure of time. I know that these monsters are the result of fabulous industry and ingenuity, plugging up this hole and casting out that net, against all possible evasion; yet at times I cannot help recalling a saying of William James about certain passages...
Page 2 - In computing the taxable income of such an organization there shall be allowed as deductions from gross income (in addition to other deductions allowable under this chapter)— (A) amounts paid as dividends during the taxable year on its capital stock, and (B) amounts allocated during the taxable year to patrons with respect to its income not derived from patronage (whether or not such income was derived during...
Page 307 - ... 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.