Revenue Act of 1942: Hearings Before the Committee on Finance, United States Senate, Seventy-seventh Congress, Seventh Congress, Second Session, on H.R. 7378, an Act to Provide Revenue, and for Other PurposesU.S. Government Printing Office, 1942 - 2376 pages |
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additional amendment American amount banks base period basis benefit borrowing burden CHAIRMAN companies Congress corporation cost council debt deduction dividends dollars earnings effect employees estate tax excess excess-profits tax excise tax exemption Federal Government Federal tax Finance fiscal foreign gift tax going House bill impose income tax income-tax increase individual industry interest Internal Revenue Code invested capital issues legislation Mayor Means Committee ment million municipal bonds net income O'BRIEN operating paid PAUL payment percent percentage post-war present law production profits proposed provision purchase question railroads reason refund relief Representatives Revenue Act revenue bill salary sales tax Secretary MORGENTHAU securities Senator BARKLEY Senator BROWN Senator CONNALLY Senator DANAHER Senator TAFT Senator VANDENBERG statement statute surtax tax bill tax liability tax rates taxable taxpayer tion Treasury Department United United States Senate Whereas
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Page 493 - In any calendar year, or (B) such employees as qualify under a classification set up by the employer and found by the Secretary or his delegate not to be discriminatory in favor of employees who are officers, shareholders, persons whose principal duties consist in supervising the work of other employees, or highly compensated employees...
Page 498 - ... if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries...
Page 530 - ... allowance for such property for such year shall be computed without reference to percentage depletion. The method, determined as above, of computing the depletion allowance shall be applied in the case of the property for all taxable years in which it is in the hands of such taxpayer, or of any other person if the basis of the property (for determining gain) in his hands is, under section 113, determined by reference to the basis in the hands of such taxpayer, either directly or through one or...
Page 245 - If there are any questions I would be glad to answer them. The CHAIRMAN. Are there any questions, gentlemen?
Page 597 - Kans., be and he Is hereby directed to forward a copy of this resolution to the Honorable Andrew F.
Page 215 - In the case of a citizen of the United States and of a domestic corporation, the amount of any income, warprofits, and excess-profits taxes paid or accrued during the taxable year to any foreign country or to any possession of the United States ; and (2) RESIDENT OF UNITED STATES.
Page 50 - In the case of an individual, all the ordinary and necessary expenses paid or incurred during the taxable year for the production or collection of income, or for the management, conservation, or maintenance of property held for the production of income.
Page 529 - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27% per centum of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property.
Page 385 - Act of 1932, and any amendments thereto unless specifically providing to the contrary, shall not apply to the issuance, transfer, or exchange of securities or the making or delivery of conveyances to make effective any plan of reorganization confirmed under the provisions of this section.
Page 404 - If the tax imposed by section 2101, or any estate, succession, legacy, or inheritance taxes, are, either by the terms of the will, by the law of the jurisdiction under which the estate is administered, or by the law of the jurisdiction imposing the particular tax, payable in whole or in part out of the bequests, legacies, or devises otherwise deductible under this paragraph, then the amount deductible under this paragraph shall be the amount of such bequests, legacies, or devises reduced by the amount...