Excess Profits Tax on Corporations, 1950. Hearings ... on H.R. 98271950 - 866 pages |
Common terms and phrases
additional adjustment allowed apply assets average base period average earnings base period earnings basis borrowed capital BOZELL CHAIRMAN chart component corporation computed Congress corporate profits corporate tax December 31 defense program determined DUMAS earnings credit economy effect equity capital excess profits credit excess profits tax exemption expansion expenditures Finance fiscal Government growth companies growth formula Heckett House bill income tax increase industry Internal Revenue Code invested capital credit Korean War loss manufacturing ment normal earnings normal profits number of months operating percentage period net income plant president production profits net income profits tax law proposed rate of return reduced relief provisions renegotiation result retained earnings Secretary SNYDER section 435 Senator BYRD Senator KERR Senator LUCAS Senator MILLIKIN Senator TAFT SPRAGUE STAM statement subchapter subject to excess substantial surtax tax rate taxable taxation taxpayer telephone tion Treasury United vermiculite war profits World World War II
Popular passages
Page 430 - By that standard the return to the equity owner should be commensurate with returns on investments in other enterprises having corresponding risks. That return, moreover, should be sufficient to assure confidence in the financial integrity of the enterprise, so as to maintain its credit and to attract capital.
Page 493 - It is hereby declared to be the national transportation policy of the Congress to provide for fair and impartial regulation of all modes of transportation subject to the provisions of this Act, so administered as to recognize and preserve the inherent advantages of each; to promote safe, adequate, economical, and efficient service and foster sound economic conditions in transportation...
Page 24 - ... possessing at least 80 per centum of the total combined voting power of all classes of stock entitled to vote and the owner of at least 80 per centum of the total number of shares of all other classes of stock (except non-voting stock which is limited and preferred as to dividends...
Page 25 - As used in this subsection, the term "stock" does not include nonvoting stock which is limited and preferred as to dividends.
Page 12 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Page 492 - Colin F. Stam, chief of staff, Joint Committee on Internal Revenue Taxation; and Elizabeth B.
Page 409 - A public utility is entitled to such rates as will permit it to earn a return on the value of the property which it employs for the convenience of the public equal to that generally being made at the same time and in the same general part of the country on investments in other business undertakings which are attended by corresponding risks and uncertainties; but it has no constitutional right to profits such as are realized or anticipated in highly profitable enterprises or speculative ventures.
Page ix - States— (1) If 80 per centum or more of the gross income of such citizen or domestic corporation (computed without the benefit of this section) for the three-year period immediately preceding the close of the taxable year (or for such part of such period immediately preceding the close of such taxable year as may be applicable) was derived from sources within a possession of the United States...
Page 436 - From the investor or company point of view it is important that there be enough revenue not only for operating expenses but also for the capital costs of the business. These include service on the debt and dividends on the stock.
Page 493 - ... developing, coordinating, and preserving a national transportation system by water, highway, and rail, as well as other means, adequate to meet the needs of the commerce of the United States, of the postal service, and of the national defense. All of the provisions of this act shall be administered and enforced, with a view to carrying out the above declaration of policy.