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
adjusted administration ADR system American amount apply this section asset depreciation range asset guide asset guideline class August 15 automobile bill billion budget BYRNES capital Chairman Mills committee CONABLE CONGRESS THE LIBRARY CORMAN corporation cost deficit depreciation allowances depreciation reserve determined DISC income economic effect election to apply eligible property employment estimate excise tax expenditures export property Federal fiscal foreign former DISC freeze going Includes assets increase industry Internal Revenue Code Internal Revenue Service investment credit investment tax credit job development credit letter dated September LIBRARY OF CONGRESS Manufacture ment method of depreciation NOLAN paragraph percent placed in service preciation President President's production profits proposal repair allowance repeal reserve ratio test retirement rules salvage value SCHNEEBELI Secretary CONNALLY section 167 September 17 shareholders SHULTZ statement subdivision subparagraph surcharge taxable taxpayer tion trade Treasury ULLMAN unadjusted basis United VANIK vintage account WAGGONNER
Popular passages
Page 43 - In determining the value of imports, the President shall utilize, to the maximum extent practicable, the standards of valuation contained in section 402 or 402a of the Tariff Act of 1930 (19 USC, sec. 1401a or 1402) applicable to the article concerned during such representative period.
Page 38 - Such election shall be made in such manner as the Secretary or his delegate may by regulations prescribe, and shall be irrevocable when made.
Page 38 - ... and shall be made in such manner as the Secretary or his delegate shall by regulations prescribe.
Page 249 - ... reserve for the account is not reduced by the depreciation allowable for the retired asset. The previously unrecovered basis of the retired asset will be recovered through the allowance for depreciation with respect to the vintage account. See subdivision (v) of this subparagraph for treatment of ordinary retirements on which gain or loss is not recognized in whole or in part.
Page 175 - 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 37 - DISC. For purposes of this title, the term "DISC" means, with respect to any taxable year, a corporation which Is incorporated under the laws of any State and satisfies the following conditions for the taxable year (A) 95 percent or more of the gross receipts (as defined in section 993(f...
Page 38 - An election under subsection (a) made by a small business corporation shall terminate if at any time — "(A) after the first day of the first taxable year of the corporation for which the election is effective, if such election is made on or before such first day, or "(B) after the day on which the election is made...
Page 89 - Service, by all persons who were shareholders of the corporation at any time during the taxable year with respect to which the failure to consent would (but for the provisions of this paragraph) cause the corporation's election to be invalid...
Page 73 - For purposes of this part, the term "export property" does not include — (A) property leased or rented by a DISC for use by any member of a controlled group (as defined in subsection (a) (3)) which includes the DISC, (B) patents, inventions, models, designs, formulas, or processes, whether or not patented, copyrights (other than films, tapes, records, or similar reproductions, for commercial or home use), good will, trademarks, trade brands, franchises, or other like property...
Page 65 - As under present law, a consent to the election must be filed by all persons who are shareholders on the first day of the taxable year for which the election is effective unless the election is made after such first day (ie, within the first month of the taxable year).