To Prevent Profiteering in War: Hearings Before a Subcommittee of the Committee on Finance, United States Senate, Seventy-fourth Congress, Second Session, on H.R. 5529, an Act to Prevent Profiteering in Time of War and to Equalize the Burdens of War and Thus Provide for the National Defense, and Promote Peace. Consolidated. February 13 and 18, March 6, April 2, 3, 6, 7, 9, 10, 13, 14, 24, 28, and 29, 1936U.S. Government Printing Office, 1936 - 272 pages |
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25 percent adjusted declared value adjusted net income administration adopt allowed amortization amount basis bond brackets BROWN Bureau capital CHAIRMAN CHESTEEN Congress contract corporate tax corporation rate cost course deduction depletion depreciation determine distributed dividends earnings economic excess excess-profits tax exemption existing law experience Finance flat tax FLYNN Government imposed income tax income-tax individual rates industry invested Joint Committee matter ment Military Affairs Committee Munitions Committee normal tax Nye bill Nye committee paid PARKER peacetime bill percentage period plant preferred stock present law production profit motive proposed prosecution provision question rate of tax referred returns Revenue Act schedule Senator BAILEY Senator CLARK Senator CONNALLY Senator GERRY Senator GUFFEY Senator LA FOLLETTE Senator WALSH stockholders subcommittee suggestion surtax tax bill taxable taxpayer thing thought tion Tom Connally UNITED STATES SENATE War Department wartime ZUCKER
Popular passages
Page 253 - ... upon notice and demand by the collector, or the amount of tax overpaid, if any, shall be credited or refunded to the taxpayer in accordance with the provisions of section 322.
Page 253 - ... a reasonable deduction for the amortization of such part of the cost of such facilities or vessels as has been borne by the taxpayer...
Page 262 - Government contract or contracts and from other sources, respectively, shall be determined under rules and regulations prescribed by the Commissioner with the approval of the Secretary.
Page 234 - In the case of buildings, machinery, equipment, or other facilities, constructed, erected, installed, or acquired, on or after April 6, 1917, for the production of articles contributing to the prosecution of the war...
Page 264 - ... (a) At the time of filing return for the taxable year 1918 a taxpayer may file a claim in abatement based on the fact that he has sustained a substantial loss (whether or not actually realized by sale or other disposition) resulting from any material reduction (not duo to temporary fluctuation) of the value of the inventory for such taxable year...
Page 195 - ... (3) The value of property acquired by gift, bequest, devise, or descent (but the income from such property shall be included in gross income...
Page 262 - Such a portion of a tax computed at the rates specified in subdivision (a) as the part of the net income attributable to such government contract or contracts bears to the entire net income. In computing such tax...
Page 265 - Commissioner that during the taxable year 1919 the taxpayer has sustained a substantial loss of the character above described then the amount of such loss shall be deducted from the net income for the taxable year...
Page 253 - Revenue provided for the allocation of the '' reasonable deduction" authorized by the statute, as follows: u The amortization allowance shall be apportioned (a) in cases where the property was employed in the production of articles contributing to the prosecution of the war...
Page 253 - At any time within three years after the termination of the present war the Commissioner may, and at the request of the taxpayer shall, reexamine the return, and if he then finds as a result of an appraisal or from other evidence that the deduction originally allowed was incorrect the taxes imposed by this title and by Title III for the year or years affected shall be redetermined...