Excess Profits Tax on Corporations, 1950: Hearings Before the Committee on Finance, United States Senate, Eighty-first Congress, Second Session, on H.R. 9827, an Act to Provide Revenue by Imposing a Corporate Excess Profits Tax, and for Other PurposesU.S. Government Printing Office, 1950 - 866 pages |
Common terms and phrases
abnormal adjustment allowed amount apply assets average base period average earnings base period earnings basis borrowed capital CHAIRMAN companies component corporation computed Congress Corp corporation income corporation tax cost December 31 deduction defense program determined dividends dollars DUMAS economy effect equity capital excess profits credit excess profits net excess profits tax exemption expansion Federal finance Government House bill included income tax increase industry Internal Revenue Code invested capital loss manufacturing Means Committee method million natural gas normal earnings normal profits normal tax operating percentage period net income production profits net income profits tax law proposed public utilities purposes railroads rate of return reason regulated relief provisions result Secretary SNYDER section 435 section 722 Senator KERR Senator MILLIKIN Senator TAFT STAM statement substantial surtax tax rate taxable taxation taxpayer television tion United vermiculite war profits World World War II
Popular passages
Page 444 - By that standard the return to the equity owner should be commensurate with returns on investments in other enterprises having corresponding risks. That return, moreover, should be sufficient to assure confidence in the financial integrity of the enterprise, so as to maintain its credit and to attract capital.
Page 8 - 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 30 - ... control of the acquiring corporation), of substantially all of the properties of another corporation, but in determining whether the exchange is solely for stock the assumption by the acquiring corporation of a liability of the other, or the fact that property acquired is subject to a liability, shall be disregarded...
Page 505 - The 1920 act sought to insure, also, adequate transportation service. That such was its purpose Congress did not leave to inference. The new purpose was expressed in unequivocal language. And to attain it, new rights, new obligations, new machinery, were created. The new provisions took a wide range. Prominent among them are those specially designed to secure a fair return on capital devoted to the transportation service.
Page 505 - ... developing, coordinating, and preserving a national transportation system by water, highway, and rail, as well as other means, adequate to meet the needs of the commerce of the United States, of the postal service, and of the national defense. All of the provisions of this act shall be administered and enforced, with a view to carrying out the above declaration of policy.
Page 20 - public utility" means a corporation engaged in the furnishing of telephone service or In the sale of electrical energy, gas, or water, if the rates for such furnishing or sale, as the case may be, have been established or approved by a State or political subdivision thereof...
Page 12 - ... previously paid in for stock, or as paid-in surplus or as a contribution to capital...
Page 39 - ... corporations; and (2) The common parent corporation owns directly stock possessing at least 95 per centum of the voting power of all classes of stock and at least 95 per centum of each class of the non-voting stock of at least one of the other includible corporations. As used in this subsection, the term "stock" does not include non-voting stock which is limited and preferred as to dividends.
Page 3 - Is made, shall be placed on an annual basis by multiplying the amount thereof by twelve and dividing by the number of months Included In the period for which the separate return Is made.
Page 12 - For the purposes of this paragraph a fractional part of a month shall be disregarded unless it amounts to more than half a month, in which case it shall be considered as a month.