Providing Certain Exemptions from Taxation for Treasury Bills: Hearings... on H.R. 12440... May 21, 1930 |
Common terms and phrases
17 different discount 90 days 97 and sold applies to Treasury basis bills are sold bookkeeping bought for 97 buyer capital gain certificate from income certificates of indebtedness certificates run certificates were bought Chairman CHINDBLOM committee community property bill CROWTHER DAVENPORT deal in Treasury dealers different discount rates different rates Discount Corporation draw interest E. C. WAGNER end of 90 exemptions from taxation Federal Reserve Bank financing fluctuation gain and loss gain or loss Government securities HADLEY hereafter imposed income tax income-tax return inheritance taxes Internal Revenue Bureau issue Treasury certificates June 17 Liberty bond act LINDLEY H loss provision applicable ment security MILLS offset OGDEN L passed the House PROVIDING CERTAIN EXEMPTIONS provision applies RAMSEYER rates of discount repurchase agreements revenue problem revenue question involved Secretary subdivision becomes law tax exempt taxation except estate taxation for Treasury Treasury bills issued United States Treasury want to exempt York
Popular passages
Page 7 - All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
Page 7 - All such bonds and certificates shall be exempt, both as to principal and interest from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority...
Page 3 - Act of 1926, as amended (relating to stamp taxes), is amended by adding at the end thereof a new subdivision to read as follows: "10.
Page 6 - I do not know that I have a great deal to add to that subject. We have made several designs for numerous circles. We have made a study of practically all of them. I do want to say this, that I think that there are three or four that these studies should be continued on, and we should try to secure all of the varying ideas that have been presented...
Page 7 - State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest.
Page 3 - Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Page 4 - Treasury bill should be one of the most popular and readily salable securities in the world, as a matter of fact it is being dealt with in a very limited market. In that connection I would like to read in part a letter which I received from the chairman of the board of directors of the New York Federal Rese.rve Bank, who in the course of the last 13 or 14 years has had as much experience with the Government-security market as any man in the United States. Mr. Case became seriously concerned over...
Page 2 - WILLIS C. HAWLEY, Oregon, Chairman ALLEN T. TREADWAY, Massachusetts. ISAAC BACHARACH, New Jersey. LINDLEY H. HADLEY, Washington. CHARLES B. TIMBERLAKE, Colorado. HENRY W. WATSON, Pennsylvania. JAMES C. MCLAUGHLIN, Michigan. CHARLES C. KEARNS, Ohio. CARL R. CHINDBLOM, Illinois. FRANK CROWTHER, New York. RICHARD S. ALDRICH, Rhode Island. HARRY A. ESTEP, Pennsylvania. C. WILLIAM RAMSEYER, Iowa. FREDERICK M. DAVENPORT, New York.
Page 3 - ... from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States...
Page 4 - ... payment dates. Now, as the bill passed the House it provided that the Treasury bills should be completely tax exempt. That is to say, that not only should the discount be exempt from income tax but that they should not be subject to any tax on capital gain, and that there should be no deduction for loss. The bill was amended in the Senate so as to provide that while the discount should be exempt from income tax, the capital gain or loss provision should apply to Treasury bills as they do to other...