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EMPLOYEE STOCK OWNERSHIP PLANS AND
GENERAL STOCK OWNERSHIP TRUSTS,

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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

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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

COMMITTEE ON FINANCE

RUSSELL B. LONG, Louisiana, Chairman HERMAN E. TALMADGE, Georgia

CARL T. CURTIS, Nebraska ABRAHAM RIBICOFF, Connecticut

CLIFFORD P. HANSEN, Wyoming HARRY F. BYRD, JR., Virginia

ROBERT DOLE, Kansas GAYLORD NELSON, Wisconsin

BOB PACKWOOD, Oregon MIKE GRAVEL, Alaska

WILLIAM V. ROTH, JR., Delaware LLOYD BENTSEN, Texas

PAUL LAXALT, Nevada WILLIAM D. HATHAWAY, Maine

JOHN C. DANFORTH, Missouri
FLOYD K. HASKELL, Colorado
SPARK M. MATSUNAGA, Hawaii
DANIEL PATRICK MOYNIHAN, New York

MICHAEL STERN, Staff Director
GEORGE W. PRITTS, Jr., Minority Counsel

(II)

CONTENTS

ADMINISTRATION WITNESSES

Page

Evans, Stuart J., Director of Procurement, National Aeronautics and

Space Administration

Lubick, Hon. Donald, Deputy Secretary of the Treasury for Tax Policy --
Neuman, Frederick, Director, Defense Contract Audit Agency.
Strauss, Hon. Robert S., Special Counselor on Inflation---
Trask, John M., Jr., Associate Administrator for Finance and Investment,

Small Business Administration ----

258

170
271
164

286

PUBLIC WITNESSES

203

72

Boulis, J. R., chairman and president, South Bend Lathe-

Buxton, Joseph T., III, executive director, National Dividend Founda-

tion

Conrad, Jonathan M., First Pennsylvania Bank, N.A.

Cunningham, Kenneth R., chairman of the board of the Metropolitan Con-

tract Services, Inc.-

Denton, William, vice president for industrial relations, Southern Pacific

Co

Dow Chemical Co., Glenn W. White, director of tax department -

Employee Stock Ownership Council of America, Ronald L. Ludwig, Esq.,

counsel

First Pennsylvania Bank, N.A., Jonathan M. Conrad.

Gates, Jeffrey R., Hewitt Associates--

Grady, Jack, president, Juice Bowl Products, Inc---

Hamrin, Robert, fellow, the Rockefeller Foundation_.

Hewitt Associates, Jeffrey R. Gates-

Juice Bowl Products, Inc., Jack Grady, president.

Kelso, Louis 0., Kelso & Co., Inc---

Kostmayer, Hon. Peter H., a Representative in Congress frcm the State of

New York.

Lowe's Cos., Inc., Robert L. Strickland-
Ludwig, Ronald L., Esq., counsel for the Employee Stock Ownership Coun-

cil of America..

Lundine, Hon, Stanley N., a Representative in Congress from the State of

New York.--

McHugh, Hon. Matthew F., a Representative in Congress from the State of

New York,

Mattox, Hon. Jim, a Representative in Congress from the State of Texas.-

Metropolitan Contract Services, Inc. :

Kenneth R. Cunningham, chairman of the board..

David Personette, executive vice president---

National Dividend Foundation, Joseph T. Buxton III, executive director---

Personette, David, executive vice president, Metropolitan Contract Serv-

ices, Inc.-

Rice, Jim, president, Oklahoma Aerotronics, Inc..

Rockefeller Foundation, Robert Hamrin, fellow-

Sears, Roebuck & Co., A. Dean Smith, president.

South Bend Lathe, J. R. Boulis, chairman and president-

Southern Pacific Co., William Denton, vice president for industrial rela-

tions

Strickland, Robert L., Lowe's Cos., Inc.-
Swift, A. Dean, president, Sears, Roebuck & Co.

122

220

72
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