Adjustment of the Basis of Property for Depreciation, Obsolescence, Amortization and Depletion: Hearing Before the Committee on Finance, United States Senate, Eighty-second Congress, Second Session, on H.R. 3168, an Act to Amend Section 113 (b) (1) (B) of the Internal Revenue Code with Respect to the Adjustment of the Basis of Property for Depletion. January 22, 1952U.S. Government Printing Office, 1952 - 60 pages |
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adjusted allowable depreciation American Bar Association amortization amount allowable amount of depreciation applied audit bill Bureau of Internal Camp CARDWELL CHAIRMAN ciation computing net income Congress correct cost December 31 deductions in computing depre depreciation and depletion depreciation or depletion depreciation schedules depreciation taken determine enacted estimate extent allowed favor February 28 Gillette-Hickenlooper amendment go back House income and resulting income tax income tax returns income-tax income-tax returns Internal Revenue Code involved KILPATRICK KIRBY legislation MARTIN obsolescence open on waiver pending percent period Pittsburgh Brewing position preciation principle profit provision question reduced restored to basis retroactive returns filed revenue agent section 113 Senator FREAR Senator HOEY Senator KERR Senator WILLIAMS situation STAM statement statute of limitations Supreme Court SUTHERLAND tax benefit tax returns taxable income taxpayer taxpayer's taxes tion Treasury United States Senate Virginian Hotel Corporation Virginian Hotel decision Virginian Hotel rule WALTER F Washington
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Page 43 - In respect of any period since February 28, 1913. for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent of the amount — (A) Allowed as deductions In computing taxable Income under this subtitle or prior Income tax laws...
Page 5 - The rule which has been fashioned by the court below deprives the taxpayer of no portion of that deduction. Under that rule taxpayers often will not recover their investment tax-free. But Congress has made no such guarantee. Nor has Congress indicated that a taxpayer who has obtained no tax advantage from a depreciation deduction should be allowed to take it a second time. The policy which does not permit the second deduction in case of 'allowable' depreciation (Beckridge Corp.
Page 54 - ... (B) in respect of any period since February 28, 1913, for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent allowed (but not less than the amount allowable) under this Act or prior Income tax laws.
Page 52 - The Bureau of the Budget has advised the Treasury Department that there is no objection from the standpoint of the Administration's program to the presentation of this report. Sincerely yours, STANLEY S. SURREY, Assistant Secretary.
Page 2 - (c) Under prior acts. For the purposes of the Revenue Act of 1938 or any prior Revenue Act the amendments made to the Internal Revenue Code by subsection (a) of this section shall be effective as if they were a part of each such Revenue Act on the date of Its enactment.
Page 1 - Hobbs, proposed to amend Section 113 (b) (1) (B) of the Internal Revenue Code with respect to the adjustment of the basis of property for purposes of depreciation, obsolescence, amortization and depletion.
Page 1 - Adjusted basis", is amended by inserting after the word "allowed" the words "as deductions in computing taxable net Income and resulting in a reduction of the taxpayer's taxes" to cause the first sentence thereof to read as follows : "(B) in respect of any period since February 28, 1913, for exhaustion, wear and tear, obsolescence, amortization, and depletion, to the extent allowed as deductions in computing...
Page 55 - To amend section 113 (b) (1) (B) of the Internal Revenue Code with respect to the adjustment of the basis of property for depreciation, obsolescence, amortization, and depletion Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That (a) subparagraph (1) (B) of section 113 (b) of the Internal Revenue Code, entitled "Adjusted basis", is amended by inserting after the word "allowed...
Page 54 - LOSS.] (b) Adjusted basis. — The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis determined under subsection (a), adjusted as hereinafter provided.
Page 46 - Your committee has not thought it necessary to include any express provision against retroactive adjustments of depreciation on the part of the Treasury as the regulations of the Treasury seem adequate to protect the interests of taxpayers in such cases. These regulations require the depreciation allowances to be made from year to year in accordance with the then known facts and do not permit a retroactive change in these allowances by reason of the facts developed or ascertained after the years...