Revenue Act of 1935: Hearings Before the Committee on Finance, United States Senate, Seventy-fourth Congress, First Session, on H. R. 8974, an Act to Provide Revenue, Equalize Taxation, and for Other Purposes, July 30-31, August 1-2, 6-8, 1935

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U.S. Government Printing Office, 1935 - 403 pages

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Page 300 - In the case of property held by one person for life with remainder to another person, the deduction shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.
Page 300 - DEPRECIATION. A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.
Page 4 - The transmission from generation to generation of vast fortunes by will, inheritance, or gift is not consistent with the ideals and sentiments of the American people.
Page 237 - ... so far as practicable apply to personal service corporations and the stockholders thereof: Provided, That for the purpose of this subdivision amounts distributed by a personal service corporation during its taxable year shall be accounted for by the distributees; and any portion of the net income remaining undistributed at the close of its taxable year shall be accounted for by the stockholders of such corporation at the close of its taxable year in proportion to their respective shares.
Page 6 - ... which might technically qualify as a small concern even though all were in fact operated as a single organization. The most effective method of preventing such evasions would be a tax on dividends received by corporations.
Page 361 - That unless the tax is sooner paid in full, it shall be a lien for ten years upon the gross estate of the decedent, except that such part of the gross estate as is used for the payment of charges against the estate and expenses of its administration, allowed by any court having jurisdiction thereof, shall be divested of such lien.
Page 130 - ... in value of its outstanding stock is owned, directly or indirectly, by or for not more than five individuals.
Page 197 - The committee will take a recess until tomorrow morning at 10 o'clock. (Whereupon, at 11 :51 am, the subcommittee adjourned, to reconvene at 10 am, Wednesday, July 1, 1959.
Page 126 - That such distribution has been made to or for the benefit of such persons in proportion to the par value of the shares of stock of the corporation owned by each...
Page 126 - ... which the par value of the shares of stock of the corporation owned on the last day of the taxable year by (1...

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