Revenue Act, 1936: Hearings ... Seventy-fourth Congress, Second Session, on H.R. 12395 ... April 30 to May 12, 1936
U.S. Government Printing Office, 1936 - 973 էջ
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actually additional adjusted allowed amendment amount apply average bank believe bill bonds capital cash CHAIRMAN collected committee companies computation CONNALLY consideration corporation cost course debt deduction determine distributed dividends earnings effect estimated existing fact Federal figures funds give going Government holding House imposed included income tax increase individual industry interest inventory investment issued January less losses manufacturers matter mean net income obligations operating packers paid passed payment percent period practical present President processing tax production profits proposed provisions question reason received reduced refund represent reserves result retained returns revenue securities Senator BARKLEY Senator BLACK Senator KING situation statement stockholders suggest surplus taxable taxation thing tion Treasury undistributed United unjust enrichment withholding
Էջ 619 - as conforming as nearly as may be to the best accounting practice in the trade or business and as most clearly reflecting the income. It is our recommendation, respectfully submitted to this committee, that section 22 (c) of the bill be amended by adding the following: including the normal or necessary stock method in those industries in
Էջ 20 - SEC. 230. (a) In lieu of the tax imposed by section 230 of the Revenue Act of 1921, there shall be levied, collected, and paid for each taxable year upon the net income of every corporation a normal tax of 9 per centum of the amount of the net income in excess of the credits provided in sections 236 and 263.
Էջ 284 - (10) Taxes assessed against local benefits, or for municipal Improvements, of a kind tending to increase the value of the property assessed, are not allowable deductions ; but would decrease earnings and profits for the year.
Էջ 148 - In order to offset a decline in the value of inventories that occurs after the first of the year in determining his ability to pay taxes, the decline should be coincidental with the income ? Mr. FULBRIGHT. They would take the inventory at the beginning of the year and at the end of the year, and until the latter one is taken
Էջ 323 - title upon the obligee, or to reimburse the obligee for any portion of the tax, or to pay the interest without deduction for any tax which the obligor may be required or permitted to pay thereon, or to retain therefrom under any law of the United States, the obligor shall deduct and withhold a tax equal to
Էջ 323 - (a) Tax-free covenant bond*.— (1) Requirement of withholding: In any case where bonds, mortgages, or deeds of trust, or other similar obligations of a corporation, issued before January 1, 1934, contain a contract or provision by which the obligor agrees to pay any portion of the tax imposed by
Էջ 324 - known to the withholding agent." Section 144 of the act, relating to withholding tax on income paid to foreign corporations, provides: "In case of foreign corporations subject to taxation under this title not engaged in trade or business within the United States and not having any office or place of business therein,
Էջ 694 - gress made no change in the provisions of subsections (c) (4) and (c) (6) of section 204 of the 1928 act dealing with certain deductions. "(c) Deductions allowed.-—-In computing the net income of an insurance company subject to the tax imposed by this section there shall be allowed as deductions: Section 204 (c) provides
Էջ 520 - people living here. As Blackstone said: The earth, therefore, and all things therein are the general property of all mankind from the immediate gift of the Creator. And as Herbert Spencer said: The world is God's bequest to mankind. All men are joint heirs to it.
Էջ 323 - employees of the United States, having the control, receipt, custody, disposal, or payment of interest (except interest on deposits with persons carrying on the banking business paid to persons not engaged in business in the United States and not having an office or place of busiess therein), rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or detenninable annual or periodical gains, profits, and income,