Revenue Act of 1951: Hearings Before the Committee on Finance, United States Senate, Eighty-second Congress, First Session, on H.R. 4473, an Act to Provide Revenue, and for Other Purposes
U.S. Government Printing Office, 1951 - 2624 pages
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accounting addition agencies allowed amount applicable appropriation authority basis beginning billion budget Bureau capital centum CHAIRMAN changes chapter civilian committee Congress considered corporation cost deducted defense Department determined dividends economy effective estimate excess exemption expenditures Federal figures fiscal fund gain give going Government hereby amended House bill improvements income increase individual interest January JOHNSTON less mean military month obligational Office operations paid paragraph payment percent period person personnel present problem production proposal quarter question recommendations reduced relating residence respect result revenue savings Secretary SNYDER Senator BYRD Senator KERR Senator MILLIKIN Senator Taft Senator WILLIAMS STAATS statement subchapter subsection surtax tax imposed taxable taxpayer thereof thing Treasury United wages Wilson withheld
Page 772 - ... property used in the trade or business, plus the recognized gains from the compulsory or involuntary conversion (as a result of destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation or the threat or imminence thereof) of property used in the trade or business...
Page 98 - ... execution of its provisions, their statements, the testimony of disinterested persons, the relationship of the parties, their respective abilities and capital contributions, the actual control of income and the purposes for which it is used, and any other facts throwing light on their true intent — the parties in good faith and acting with a business purpose intended to join together in the present conduct of the enterprise.
Page 31 - If the tax is not paid when due, there shall be added as part of the tax interest at the rate of 1 per centum a month from the time when the tax became due until paid.
Page 767 - An organization operated for the primary purpose of carrying on a trade or business for profit...
Page 14 - States and not having an office or place of business therein), rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable annual or periodical gains, profits, and income...
Page 25 - In a corporation so formed or availed of, with a view to — (A) the sale or exchange of stock by its shareholders (whether in liquidation or otherwise) or a distribution to Its shareholders, before the realization by the corporation manufacturing, constructing, producing, or purchasing the property of a substantial part of the taxable Income to be derived from such property, and (B) the realization by such shareholders of gain attributable to such property.
Page 772 - For purposes of this subsection — (1) in determining under this subsection whether gains exceed losses, the gains described therein shall be included only if and to the extent taken into account in computing gross income and the...
Page 25 - ... such timber, and the adjusted depletion basis thereof, shall be considered as though it were a gain or loss, as the case may be, on the sale of such timber.
Page 29 - Act, 1924; (4) posts or organizations of war veterans, or auxiliary units or societies of any such posts or organizations, if such posts, organizations, units, or societies are organized in the United States or any of its possessions, and if no part of their net earnings inures to the benefit of any private shareholder or individual...