...accumulated after February 28, 1913. §931 (b) For the purposes of this chapter every distribution is made out of earnings or profits to the extent thereof,...February 28, 1913, have been distributed, but any such tax-free distribution shall be applied against and reduce the basis of the stock provided in section...

...February 28, 1913. (b) Source of distributions. — For the purposes of this Act every distribution is made out of earnings or profits to the extent thereof,...February 28, 1913, have been distributed, but any such tax-free distribution shall be applied against and reduce the basis of the stock provided in section...

...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...

...distributed? Section 201 (b) reads: LAW. Section 201 (b) For the purposes of this Act every distribution is made out of earnings or profits to the extent thereof,...increase in value of property accrued, before March i, 1913, may be distributed exempt from tax, after the earnings and profits accumulated after February...

...dividends in kind). 5. Capital. LAW. Section 201 (b) For the purposes of this Act every distribution is made out of earnings or profits to the extent thereof,...the most recently accumulated earnings or profits.' .... The Treasury has at considerable length explained its position regarding the manner of applying...

...chapter, must be reduced by such "taxfree" distribution (see Chapter 26.) LAW. Section 201 (b) .... Any earnings or profits accumulated, or increase in value of property accrued, before March i, 1913, may be distributed exempt from tax, after the earnings and profits accumulated after February...

...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 i, 1913, may be distributed exempt from the tax, after the earnings and profits accumulated...

...28, 1913; hut any earnings or profits accumulated or increase in value of property accrued prior to March 1, 1913, may be distributed exempt from tax after the earnings and profits accumulated since February 28, 1913, have been distributed. * • * Relevant portions of section 201 of the Revenue...

...of distribution. — For the purpose of income taxation every distribution made by a corporation is made out of earnings or profits to the extent thereof...the most recently accumulated earnings or profits. ART. 623. Distributions out of earnings or profits accumulated, or increase in value of property accrued,...

...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...