Revenue Act of 1943: Hearing Before the Committee on Finance, United States Senate, Seventy-eighth Congress, First Session, on H.R. 3687, an Act to Provide Revenue, and for Other Purposes. Revised. November 29, 30, December 1, 2, 3, 4, 6, and 15, 1943... |
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Common terms and phrases
20 percent additional adjustment admission allowed ALVORD amendment amount apply average base period basis burden cents CHAIRMAN companies computed Congress consideration contractor contracts corporations cost deduction depletion dividends dollars earnings effect estate tax estimated excess excess-profits credit excess-profits tax excise taxes exemption fact Finance gift tax Government House bill income tax increase industry Internal Revenue Code invested capital loss manufacturers margarine Means Committee ment million National natural gas net income normal tax operation paid payments percentage post-war postal potash present law production profits tax provisions railroads reason reduced refund renegotiation represent result retail Revenue Act sales tax Secretary MORGENTHAU Senator BARKLEY Senator CLARK Senator DAVIS Senator WALSH statement stockholders surtax tax law tax rates taxable taxation taxpayers theaters third-class timber tion Treasury Department Treasury proposal United utilities Victory tax War Production Board
Popular passages
Page 137 - 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...
Page 137 - Is subject to the allowance for depreciation provided in section 23 (1), or an obligation of the United States or any of its possessions, or of a State or Territory, or any political subdivision thereof, or of the District of Columbia, Issued on or after March 1, 1941, on a discount basis and payable without Interest at a fixed maturity date not exceeding one year from the date of issue, or real property used in the trade or business of the taxpayer; (2) Short-term capital gain.
Page 416 - If the Commissioner is satisfied that the tax liability of an estate has been fully discharged or provided for, he may, under regulations prescribed by him with the approval of the Secretary, issue his certificate releasing any or all property of such estate from the lien herein imposed.
Page 140 - ... 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, or property, used in the trade or business...
Page 270 - ... to pass acts for raising a revenue, by levying a duty or duties on all goods...
Page 707 - ... (1) The amount of the credit in respect of the tax paid or accrued to any country shall not exceed the same proportion of the tax against which such credit is taken, which the taxpayer's net income from sources within such country bears to his entire net income for the same taxable year...
Page 388 - Any purchase order or agreement to perform all or any part of the work, or to make or furnish any article, required for the performance of any other contract or subcontract...
Page 154 - In the case of a taxpayer engaged in a trade or business in which both personal services and capital are material income-producing factors...
Page 497 - ... (D) in the case of lead, zinc, copper, gold, silver, or fluorspar ores, potash, and ores which are not customarily sold in the form of the crude mineral product...
Page 152 - Every person liable to any tax imposed by this Act, or for the collection thereof, shall keep such records, render under oath such statements, make such returns, and comply with such rules and regulations, as the Commissioner, with the approval of the Secretary, may from time to time prescribe.