General Revenue Revision: Hearings Before the Committee on Ways and Means, House of Representatives, Eighty-fifth Congress, Second Session, on Topics Pertaining to the General Revision of the Internal Revenue Code ...U.S. Government Printing Office, 1958 - 3588 lappuses |
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allocated amended American amount assets basis benefit borax capital gains cash certificates CHAIRMAN co-op coal commercial banks competition Congress cooperative corporations cost credit unions dairy dealer decedent deduction depletion allowance deposits distribution earnings economic effect employees equitable estate tax exemption farm farmer cooperatives Federal income tax finance FORAND fuel funds Government grain gross income included increase individual industry interest Internal Revenue Code Internal Revenue Service investment KEOGH legislation loan associations loss marital deduction Means Committee ment million mining mutual savings banks National net margins oil shale operating organization paid patronage dividends patronage refunds patrons payment pension percent percentage depletion permitted plans preferred stock present president production profits proposed purchase purpose received reserves retirement savings and loan self-employed Service statement stockholders Sylacauga synthetic fuels tax laws taxable income taxation taxpayer tion Treasury United
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1368. lappuse - GENERAL RULE. There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence) (1) of property used in the trade or business, or (2) of property held for the production of income.
1385. lappuse - In no case shall this section apply with respect to amounts paid or incurred for the purpose of ascertaining the existence, location, extent, or quality of any deposit of oil or gas.
1407. lappuse - In the case of oil and gas wells the allowance for depletion under section 23 (m) shall be 27 y2 per centum of the gross Income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or Incurred by the taxpayer In respect of the property.
1475. lappuse - The amount of all Items of gross income In respect of a decedent which are not properly includible in respect of the taxable period in which falls the date of his death...
1728. lappuse - Every credit union is a cooperative institution organized "for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes.
1463. lappuse - Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property, except that in no case shall the depletion allowance under section 23 (m) be less than it would be if computed without reference to this paragraph.
1927. lappuse - ... stock and at least 80 percent of the total number of shares of all other classes of stock of the corporation...
1372. lappuse - The CHAIRMAN. Are there any further questions? If not, we thank you for your appearance and the information you have given the committee.
1608. lappuse - ... so long as that purpose is the equivalent of business activity or is followed by the carrying on of business by the corporation, the corporation remains a separate taxable entity.
1369. lappuse - Members of family (A) In general. An individual shall be considered as owning the stock owned, directly or indirectly, by or for (i) His spouse (other than a spouse who is legally separated from the individual under a decree of divorce or separate maintenance ) , and...