General Tax Reform (testimony from Administration and Public Witnesses) Public Hearings, Ninety-third Congress, First Session on the Subject of General Tax Reform: (March 30; April 2, 1973)U.S. Government Printing Office, 1973 |
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Common terms and phrases
AMBAC amendment American amount appreciation arbitrage assets average billion borrowing BURKE capital gains tax Chairman Mills chief counsel Committee CONABLE Congress corporations cost basis death taxes dollars earnings economic effect estate and gift Exchange Funds exemption federal estate tax Federal Government financing firm gift tax income tax increase industry inflation interest rates Internal Revenue Code Internal Revenue Service investment investors issue issuer Ivy Baker Priest June 30 lease guaranty insurance legislation letter to Chairman letter to John liquidity loan marital deduction maturity ment mortgage guaranty insurance municipal bonds Municipal Obligations National Association payment percent persons political subdivisions present problem proposal realized savings SCHNEEBELI Section 351 securities small business SMEAL stadium statement subsidy tax laws tax rate tax reform tax-exempt bonds tax-exempt market taxable bond option taxation taxpayer tion transfer Treasury trust unrealized wealth
Popular passages
Page 4228 - No gain or loss shall be recognized If property is transferred to a corporation by one or more persons solely In exchange for stock or securities in such corporation, and Immediately after the exchange such person or persons are in control of the corporation...
Page 4402 - If by the terms of such contract no part of the proceeds from the operation of the...
Page 4395 - Congress, the interest shall be exempt only if and to the extent provided In the respective acts authorizing the issue thereof as amended and supplemented, and...
Page 4384 - Code of 1954) the interest on which is excludable from gross income under section 103 (a) (1) of...
Page 4430 - It is contended that although the property or revenues of the States or their instrumentalities cannot be taxed, nevertheless the income derived from State, county, and municipal securities can be taxed.
Page 4404 - In applying the preceding sentence to a financial Institution (other than a bank) which Is a face-amount certificate company registered under the Investment Company Act of 1940 (15 USC 80a-l and following) and which is subject to the banking laws of the State In which such Institution...
Page 4395 - Of a State, a Territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia...
Page 4395 - September 1, 1917, and in the case of obligations of a corporation organized under act of Congress, if such corporation is an instrumentality of the United States...
Page 4430 - The right to tax the contract to any extent when made must operate upon the power to borrow before it is exercised and have a sensible influence on the contract. The extent of this influence depends on the will of a distinct government. To any extent, however inconsiderable, it is a burden on the operations of government. It may be carried to an extent which shall arrest them entirely.
Page 4403 - Indebtedness, except on Indebtedness Incurred or continued to purchase or carry obligations (other than obligations of the United States Issued after September 24. 1917, and originally subscribed for by the taxpayer) the Interest upon which Is wholly exempt from the taxes Imposed by this chapter.