GENERAL REVENUE REVISION (Advisory Group Reports on Subchapter J (Estates, Trusts, Beneficiaries, and Decedents); General Discussions) MONDAY, FEBRUARY 3, 1958 HOUSE OF REPRESENTATIVES, Washington, D. C. The committee met at 10 a. m., pursuant to recess, in the Committee Room, New House Office Building, Hon. Wilbur D. Mills (chairman) presiding. The CHAIRMAN. The committee will please come to order. This morning we have with us the members of the Advisory Group on Subchapter J. Mr. A. James Casner is chairman of the group. The other members are: Mr. Kenneth W. Bergen, Mr. Carlysle A. Bethel, Mr. George Craven, Mr. Rupert Gresham, Mr. James P. Johnson, Mr. Carter T. Louthan, Mr. Weston Vernon, and Mr. Laurens Williams. Is Mr. Williams here this morning? Mr. CASNER. No, he is not. The CHAIRMAN. Mr. Casner, as chairman of the advisory group, I assume you would like to make the opening statement. Then we will recognize you at the conclusion of your statement, to designate the next member of the advisory group that will make a statement to the committee. Before we recognize you, Mr. Casner, I ask unanimous consent that the revised first report of the subchapter J group be included in the record just prior to Mr. Casner's opening remarks and such other exhibits as the advisory group feels should be included in the record for our use. Without objection, it is so ordered. (The document referred to is as follows:) REVISED FIRST REPORT ON ESTATES, TRUSTS, BENEFICIARIES, AND DECEDENTS RECEIVED BY THE SUBCOMMITTEE ON INTERNAL REVENUE TAXATION AND TRANSMITTED TO THE COMMITTEE ON WAYS AND MEANS U. S. HOUSE OF REPRESENTATIVES FROM THE Advisory Group on Subchapter J of the NOVEMBER 22, 1957 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1957 LETTER OF TRANSMITTAL Hon. JERE COOPER, WASHINGTON, November 22, 1957. Chairman, Committee on Ways and Means, House of Representatives, Washington, D. C. MY DEAR MR. CHAIRMAN: I am transmitting herewith a revised report by an advisory group appointed by the Subcommittee on Internal Revenue Taxation to study subchapter J of the Internal Revenue Code of 1954, relating to the income of estates and trusts. This report contains only the changes which the advisory group recommends for consideration at this session of Congress. The advisory group was appointed by the subcommittee on November 28, 1956, to assist the subcommittee in its study of subchapter J of the 1954 Code. The advisory group consists of the following members: Messrs. Kenneth W. Bergen, Carlysle A. Bethel, George Craven, Rupert Gresham, James P. Johnson, Carter T. Louthan, Weston Vernon, Laurens Williams, A. James Casner, chairman. This report is a revision of the advisory group's first report dated May 8, 1957. The report has not been considered or approved by the Subcommittee on Internal Revenue Taxation, or any member thereof. The committee has scheduled public hearings commencing January 7, 1958, and this report is among the subjects to be considered in such hearings. Respectfully submitted. WILBUR D. MILLS, Chairman, Subcommittee on Internal Revenue Taxation. |