Y 4.F 49:St 6/6 EMPLOYEE STOCK OWNERSHIP PLANS AND A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, S. 3223 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, H.R. 13882 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, EMPLOYEE STOCK OWNERSHIP PLANS AND GENERAL STOCK OWNERSHIP TRUSTS HEARINGS BEFORE THE COMMITTEE ON FINANCE UNITED STATES SENATE NINETY-FIFTH CONGRESS SECOND SESSION ON S. 3241 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, AND THE TAX REDUCTION ACT OF 1975, WITH RESPECT TO EMPLOYEE STOCK OWNERSHIP PLANS S. 3223 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, TO PROVIDE TAX INCENTIVES FOR THE ESTABLISHMENT OF GENERAL STOCK OWNERSHIP PLANS H.R. 13882 A BILL TO AMEND THE INTERNAL REVENUE CODE OF 1954, AND THE TAX REDUCTION ACT OF 1975, WITH RESPECT TO EMPLOYEE STOCK OWNERSHIP PLANS JULY 19 AND 20, 1978 Printed for the use of the Committee on Finance U.S. GOVERNMENT PRINTING OFFICE 33-902 O WASHINGTON: 1978 For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 CONTENTS ADMINISTRATION WITNESSES Page Lubick, Hon. Donald, Deputy Secretary of the Treasury for Tax Policy -- 170 271 164 286 PUBLIC WITNESSES Conrad, Jonathan M., First Pennsylvania Bank, N.A. 223 Cunningham, Kenneth R., chairman of the board of the Metropolitan Con- 232 Dow Chemical Co., Glenn W. White, director of tax department__ 102 122 First Pennsylvania Bank, N.A., Jonathan M. Conrad_ Gates, Jeffrey R., Hewitt Associates_ 135 Grady, Jack, president, Juice Bowl Products, Inc___ 112 Hamrin, Robert, fellow, the Rockefeller Foundation___ 213 135 Juice Bowl Products, Inc., Jack Grady, president_. 112 153 Kostmayer, Hon. Peter H., a Representative in Congress from the State of 203 Lowe's Cos., Inc., Robert L. Strickland_ 72 Ludwig, Ronald L., Esq., counsel for the Employee Stock Ownership Coun- 122 Lundine, Hon. Stanley N., a Representative in Congress from the State of 204 McHugh, Hon. Matthew F., a Representative in Congress from the State of 205 National Dividend Foundation, Joseph T. Buxton III, executive director___ Personette, David, executive vice president, Metropolitan Contract Serv- Strickland, Robert L., Lowe's Cos., Inc___ 72 Swift, A. Dean, president, Sears, Roebuck & Co____ 61 |