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 basis of property bill Bureau of Internal Camp CARDWELL CHAIRMAN Committee on Finance CONGRESS THE LIBRARY correct cost December 31 deductions in computing depre depreciation and depletion depreciation or depletion depreciation taken determine effect enacted estimate favor February 28 Gillette-Hickenlooper amendment go back House income and resulting income tax returns income-tax Internal Revenue Code KILPATRICK KIRBY legislation LIBRARY OF CONGRE LIBRARY OF CONGRESS MARTIN obsolescence open on waiver pending percent period Pittsburgh Brewing position preciation principle prior profit provision question reduced restored to basis retroactive returns filed Revenue Act revenue agent Senator FREAR Senator HOEY Senator KERR Senator WILLIAMS situation STAM statute of limitations Supreme Court SUTHERLAND tax benefit taxable income taxpayer taxpayer's taxes tion Treasury United States Senate Virginian Hotel Corporation Virginian Hotel decision Virginian Hotel rule WALTER F Washington
Popular passages
Page 15 - 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 47 - ... (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 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 40 - Colin F. Stam, chief of staff, Joint Committee on Internal Revenue Taxation; and Elizabeth B.
Page 58 - 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 32 - ... the entire amount of the depreciation deducted on the income tax returns for those years did not serve to reduce the taxable income." We should not disregard a deliberately made stipulation, even if, on our limited knowledge of its background, we are in doubt as to why it was made. The question comes simply to this: Whether the Commissioner, upon determining whether taxpayer has in good faith erred, may use a correction in so far as it helps the Government and adhere to the mistake in so far...
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 - 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" the words "as deductions in computing taxable net Income...
Page 50 - 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...