Excess Profits Taxation, 1940. Joint Hearings Before Committee on Ways and Means and the Committee on Finance U.S. Senate. Excess Profits Taxation, Amortization, and Suspension of Vinson-Trammell Act. August 9-14, 19401940 - 458 lappuses |
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40 percent additional allowed ALVORD amortization provision amount apply assets August 12 average earnings base period basis bill BOEHNE borrowed capital CHAIRMAN committee COMPTON computing Congress consideration considered consolidated returns contracts COOPER corporations cost CROWTHER deduction defense program depreciation determining DISNEY dividends DOUGHTON emergency enacted equipment equitable excess excess-profits credit excess-profits tax law exemption expansion expenditures facilities fair Federal Finance going Government included income tax increased industry Internal Revenue invested capital KNUDSEN KNUTSON legislation losses Mack Mack Trucks manufacturers McCORMACK MCKEOUGH ment method Motor national defense national-defense Navy Department necessary net income normal profits NORRIS operations percentage permitted plant present production profits tax proposed excess-profits tax question railroads reason recommended represent result Revenue Act Secretary Senator statement stockholders subcommittee report suggestion SULLIVAN tax purposes taxable taxation taxpayer tion TREADWAY Treasury Department Vinson-Trammell Act
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26. lappuse - ... of the Ways and Means Committee in the House and the Finance Committee in the Senate.
221. lappuse - Strategic materials are those essential to national defense, for the supply of which in war dependence must be placed in whole, or in substantial part, on sources outside the continental limits of the United States; and for which strict conservation and distribution control measures will be necessary.
445. lappuse - That whenever deemed by the President of the United States to be in the best interests of the national defense during the national emergency declared by the President on September 8, 1939, to exist...
235. lappuse - ... shall include some distinctive mark or insignia to be prescribed by the Secretary of War or the Secretary of the , Navy to distinguish such...
95. lappuse - In the cases specified in section 327 the tax shall be the amount which bears the same ratio to the net income of the taxpayer (in excess of the specific exemption of $3,000) for the taxable year, as the average tax of representative corporations engaged in a like or similar trade or business, bears to their average net income (in excess of the specific exemption of $3,000) for such year.
434. lappuse - Navy shall report annually to the Congress the names of such contractors and subcontractors affected by this provision, together with the applicable contracts and the amounts thereof...
434. lappuse - To make no subdivisions of any contract or subcontract for the same article or articles for the purpose of evading the provisions of this Act...
377. lappuse - ... not primarily because it operates to prevent evasion of taxes or because of its effect upon the revenue, but because the principle of taxing as a business unit what in reality is a business unit is sound and equitable ai.d convenient both to the taxpayer and to the Government.
74. lappuse - personal service corporation" means a corporation whose income is to be ascribed primarily to the activities of the principal owners or stockholders who are themselves regularly engaged in the active conduct of the affairs of the corporation and in which capital (whether invested or borrowed) is not a material income-producing factor...
2. lappuse - This memorandum is designed to call the attention of the Subcommittee on Internal Revenue Taxation of the Committee on Ways and Means of the House of Representatives...