Revenue Act, 1936: Hearings ... Seventy-fourth Congress, Second Session, on H.R. 12395 ... April 30 to May 12, 1936U.S. Government Printing Office, 1936 - 973 pages |
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Common terms and phrases
accumulated additional adjusted net income Agricultural Adjustment Act ALVORD amendment amount assets average BAILEY BALLANTINE bank bondholders bonds capital cash cents CHAIRMAN committee computed Congress corporate income corporation tax cost debt deduction deficit depression depression period distributed dividends dollars earnings and profits estimated exemption existing Federal figures Finance fiscal flat tax funds going Government HAAS HELVERING hogs holding companies income tax increase individual industry interest Internal Revenue inventory investment liability losses manufacturing ment million mills operating packers paid partnership payment percent period poration pork present law processing tax provisions refund represent reserves Revenue Act securities SEIDMAN Senator BARKLEY Senator BLACK Senator CONNALLY Senator COUZENS Senator GEORGE Senator HASTINGS Senator KING Senator LA FOLLETTE statement stockholders surplus surtax taxable taxation taxpayer tion Treasury trust undistributed United unjust enrichment windfall tax
Popular passages
Page 631 - as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income. It is our recommendation, respectfully submitted to this committee, that section 22 (c) of the bill be amended by adding the following: including the normal or necessary stock method in those industries in
Page 20 - SEC. 230. (a) In lieu of the tax imposed by section 230 of the Revenue Act of 1921, there shall be levied, collected, and paid for each taxable year upon the net income of every corporation a normal tax of 9 per centum of the amount of the net income in excess of the credits provided in sections 236 and 263.
Page 296 - (10) Taxes assessed against local benefits, or for municipal Improvements, of a kind tending to increase the value of the property assessed, are not allowable deductions ; but would decrease earnings and profits for the year.
Page 160 - In order to offset a decline in the value of inventories that occurs after the first of the year in determining his ability to pay taxes, the decline should be coincidental with the income ? Mr. FULBRIGHT. They would take the inventory at the beginning of the year and at the end of the year, and until the latter one is taken
Page 333 - title upon the obligee, or to reimburse the obligee for any portion of the tax, or to pay the interest without deduction for any tax which the obligor may be required or permitted to pay thereon, or to retain therefrom under any law of the United States, the obligor shall deduct and withhold a tax equal to
Page 333 - (a) Tax-free covenant bond*.— (1) Requirement of withholding: In any case where bonds, mortgages, or deeds of trust, or other similar obligations of a corporation, issued before January 1, 1934, contain a contract or provision by which the obligor agrees to pay any portion of the tax imposed by
Page 334 - known to the withholding agent." Section 144 of the act, relating to withholding tax on income paid to foreign corporations, provides: "In case of foreign corporations subject to taxation under this title not engaged in trade or business within the United States and not having any office or place of business therein,
Page 706 - gress made no change in the provisions of subsections (c) (4) and (c) (6) of section 204 of the 1928 act dealing with certain deductions. "(c) Deductions allowed.-—-In computing the net income of an insurance company subject to the tax imposed by this section there shall be allowed as deductions: Section 204 (c) provides
Page 532 - people living here. As Blackstone said: The earth, therefore, and all things therein are the general property of all mankind from the immediate gift of the Creator. And as Herbert Spencer said: The world is God's bequest to mankind. All men are joint heirs to it.
Page 333 - employees of the United States, having the control, receipt, custody, disposal, or payment of interest (except interest on deposits with persons carrying on the banking business paid to persons not engaged in business in the United States and not having an office or place of busiess therein), rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or detenninable annual or periodical gains, profits, and income,