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 6-10 of 100
Page 60
... Committee on Ways and Means. Mr. EMERY . That is the English policy . Mr. BACHARACH . You said that you did not favor further exemp- tions , and I was wondering whether you would not favor an exemp- tion of that kind . Mr. EMERY . Well ...
... Committee on Ways and Means. Mr. EMERY . That is the English policy . Mr. BACHARACH . You said that you did not favor further exemp- tions , and I was wondering whether you would not favor an exemp- tion of that kind . Mr. EMERY . Well ...
Page 66
... Committee on Ways and Means. 2. That the rate of corporate income tax applicable to net income of 1927 should not exceed 10 per cent . 3. That Congress should provide full opportunity for the Joint Congressional Tax Committee to perfect ...
... Committee on Ways and Means. 2. That the rate of corporate income tax applicable to net income of 1927 should not exceed 10 per cent . 3. That Congress should provide full opportunity for the Joint Congressional Tax Committee to perfect ...
Page 70
... Committee on Ways and Means. The CHAIRMAN . The excess - profits taxes in some instances were as much as 50 or 60 per cent . Mr. McWHIRTER . Yes . Mr. GARNER . But your contention is that even in view of that fact , they are still paying ...
... Committee on Ways and Means. The CHAIRMAN . The excess - profits taxes in some instances were as much as 50 or 60 per cent . Mr. McWHIRTER . Yes . Mr. GARNER . But your contention is that even in view of that fact , they are still paying ...
Page 76
... Committee on Ways and Means. Mr. MACCOLL . Oh , yes ; we are not discussing that . The Government could thus realize from railroad securities from each of the years 1928 and 1929 as much as it did in 1927 and still have $ 20,000,000 of ...
... Committee on Ways and Means. Mr. MACCOLL . Oh , yes ; we are not discussing that . The Government could thus realize from railroad securities from each of the years 1928 and 1929 as much as it did in 1927 and still have $ 20,000,000 of ...
Page 88
... Committee on Ways and Means. to those objects . Those things could not endure and carry out their purposes but for corporate support , and I have never known a good argument to be advanced in opposition to the allowance of deductions on ...
... Committee on Ways and Means. to those objects . Those things could not endure and carry out their purposes but for corporate support , and I have never known a good argument to be advanced in opposition to the allowance of deductions on ...
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...