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" Any earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may be distributed exempt from tax, after the earnings and profits accumulated after February 28, 1913, have been distributed... "
Reports of the U.S. Board of Tax Appeals - Page 692
by United States. Board of Tax Appeals - 1934
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Double Taxation: Preliminary Report of a Subcommittee... Relative to Federal ...

United States. Congress. House. Committee on Ways and Means - 1933 - 328 pages
...corporations should also be considered. Under the statute, any such distribution is regarded as made "out of earnings or profits to the extent thereof, and...the most recently accumulated earnings or profits." Earnings or profits accumulated, or increase in value of property accrued, before March 1, 1913, may...
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Statement of the Acting Secretary of the Treasury Regarding the Preliminary ...

United States. Congress. House. Committee on Ways and Means - 1933 - 21 pages
...The Treasury agrees with the recommendation of the subcommittee that dividends out of earnings and profits accumulated, or increase in value of property accrued, before March 1, 1913, should be subjected to surtax. * Although it is true that these accumulations or accruals were part...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 291

United States. Supreme Court, John Chandler Bancroft Davis, Henry Putzel, Henry C. Lind, Frank D. Wagner - 1934
...earnings or profits, to the extent of such earnings or profits accumulated since February 28, 1913; but any earnings or profits accumulated or increase in value of property accrued prior to March 1, 1913, may be distributed exempt from the tax, after the earnings and profits accumulated...
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United States Reports: Cases Adjudged in the Supreme Court at ..., Volume 291

United States. Supreme Court - 1934
...earnings or profits, to the extent of guch earnings or profits accumulated since February 28, 1913; but any earnings or profits accumulated or increase in value of property accrued prior to March 1, 1913, may be distributed exempt from the tax, after the earnings and profits accumulated...
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Regulations 86 Relating to the Income Tax Under the Revenue Act of 1934

United States. Bureau of Internal Revenue, United States. Internal Revenue Service - 1935 - 466 pages
...essentially equivalent to the distribution of a taxable dividend. 208 that every distribution is made out of earnings or profits to the extent thereof and from...the most recently accumulated earnings or profits, does not apply to : (1) A stock dividend. See section 115 (f). (2) The distribution to its shareholders,...
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Comparison of the Revenue Acts of 1934 and 1936

United States, United States. Congress. House. Committee on Ways and Means - 1936 - 290 pages
...made. (b) SOURCE OF DISTRIBUTIONS. — For the purposes of this Act every distribution is made out of earnings or profits to the extent thereof, and...distribution shall be applied against and reduce the adjusted basis of the stock provided in section 113. (c) DISTRIBUTIONS IN LIQUIDATION. — Amounts...
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Regulations 94 Relating to the Income Tax Under the Revenue Act of 1936

United States. Bureau of Internal Revenue, United States. Internal Revenue Service - 1936 - 566 pages
...transferee corporations. The general rule provided in section 115 (b) that every distribution is made out of earnings or profits to the extent thereof and from...the most recently accumulated earnings or profits, does not apply to: (1) The distribution, in pursuance of a plan of reorganization, by or on behalf...
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Legislative Calendar, Volume 53, Part 1

United States. Congress. Senate. Committee on Finance - 1939
...made. (b) SOURCE OF DISTRIBUTIONS. — For the purposes of this chapter every distribution is made out of earnings or profits to the extent thereof, and...distribution shall be applied against and reduce the adjusted basis of the stock provided in section 113. (c) DISTRIBUTIONS IN LIQUIDATION. — Amounts...
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United States Statutes at Large

United States Department of State - 1939
...made. (b) SOUHCE or DisTEiBtmoNS. — For the purposes of this chapter every distribution is made out of earnings or profits to the extent thereof, and...accumulated after February 28, 1913, have been distributed, out any such tax-free distribution shall be applied against and reduce the adjusted basis of the stock...
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The Chicago Daily News Almanac and Year Book for ..., Volume 41

1924
...accumulated -after Feb. 28. НИЗ. (b) For the purposes of this act every distribution is made out olume could not trace all their connections with private and public felicity. Let it simply be nngs nula t Any earnings or piofils accumulated, or ii crease in valu๓ of (property accrued, before...
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