Tax Proposals Contained in the President's New Economic Policy: Hearings, Ninety-second Congress, First Session ...U.S. Government Printing Office, 1971 - 1362 pages |
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Common terms and phrases
accelerated administration ADR regulations ADR System AFL-CIO American Asset Depreciation Range Association August 15 automobile benefit billion BYRNES capital investment cars cash flow Chairman Mills committee companies Congress consumer Covington & Burling dealers depreciation allowances Development Tax Credit DISC proposal dollars economic effect employment enactment estimated excess profits tax excise tax expenditures exports Federal foreign GIBBONS going Government guideline lives impact incentive income tax increase inflation interest rates Internal Revenue Internal Revenue Service investment credit investment tax credit job development credit Job Development Tax labor legislation letter dated September machine tool machinery and equipment manufacturing MEANY ment NADER National percent period President's problem production profits purchase railroad reduction repeal reserve ratio test result REUSS RINFRET SCHNEEBELI Secretary September 17 small business standard deduction statement stimulate tax cuts Taxation taxpayer tion trade United VANIK vice president wage
Popular passages
Page 675 - There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence) — ( 1 ) Of property used In the trade or business, or (2) Of property held for the production of Income.
Page 653 - The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which Is the proper taxable year under the method of accounting used In computing taxable Income.
Page 650 - Except as provided in this subsection, the term "section 38 property" means — (A) tangible personal property, or (B) other tangible property (not including a building and its structural components) but only if such property — (i) is used as an integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electrical energy, gas, water, or sewage disposal services, or...
Page 653 - Secretary or his delegate shall prescribe all needful rules and regulations for the enforcement of this title. including all rules and regulations as may be necessary by reason of any alteration of law in relation to internal revenue.
Page 579 - Treasury regulations must be sustained unless unreasonable and plainly inconsistent with the revenue statutes and that they constitute contemporaneous constructions by those charged with administration of these statutes which should not be overruled except for weighty reasons.
Page 652 - The amount of the allowance for depreciation is the sum which should be set aside for the taxable year, in order that, at the end of the useful life of the plant in the business, the aggregate of the sums set aside will (with the salvage value) suffice to provide an amount equal to the original cost.
Page 583 - ... commencing with the taxpayer's use of the property and including the taxable year, does not, during the first two-thirds of the useful life of the property, exceed the total of such allowances which would have been used had such allowances been computed under the method described in paragraph (2). Nothing in this subsection shall be construed to limit or reduce an allowance otherwise allowable under subsection (a).
Page 678 - Depreciation accounting is a system of accounting which aims to distribute the cost or other basic value of tangible capital assets, less salvage (if any), over the estimated useful life of the unit (which may be a group of assets) in a systematic and rational manner. It is a process of allocation, not of valuation.
Page 584 - The deduction for depreciation in respect of any depreciable property for any taxable year shall be limited to such ratable amount as may reasonably be considered necessary to recover during the remaining useful life of the property the unrecovered cost or other basis.
Page 584 - It is intended that this end shall be accomplished, first, by requiring taxpayers to furnish the detailed schedules of depreciation (heretofore prepared by the Bureau), containing all the facts necessary to a proper determination of depreciation; second, by specifically requiring that all deductions for depreciation shall be limited to such amounts as may reasonably be considered necessary to recover during the remaining useful life of any depreciable asset the unrecovered basis of the asset; and,...