...securities. — 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 a distribution, in pursuance of a plan of reorganization, by or on behalf of a corporation...

...hearings were held by the Ways and Means Committee upon either subject. I. PROPOSAL TO TAX EARNINGS OK PROFITS ACCUMULATED OR INCREASE IN VALUE OF PROPERTY ACCRUED BEFORE MARCH 1, 1913 Section 115 (b), (d), (g) There is appended hereto Exhibit A, which shows the language of section 115...

...states what dividends shall be exempt. The provision is administrative in its nature and declares that " any earnings or profits accumulated or increase in value of property accrued prior to March 1, 1913, may be distributed exempt from the tax * * *." Here, again, the word " accrued...

...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...

...or securities.—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 a distribution, in pursuance of a plan of reorganization, by or on behalf of a corporation...

...of the corporation. 1. For the purpose of this section every distribution is presumed to be made out of earnings or profits to the extent thereof, and...the most recently accumulated earnings or profits. 2. Any earnings or profits accumulated, or increase in value of property accrued, before January 1,...

...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...

...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...

...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...

...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...