Excess Profits Tax on Corporrations: Hearings... |
Common terms and phrases
75 percent additional adjustment allowed amount applied assets average earnings base period basis borrowed capital CHAIRMAN Commission committee companies computing Congress cooperatives corporate tax cost CURTIS debt deduction determining DINGELL dividends economy effect enacted equity capital excess excess-profits credit excess-profits tax law exemption expansion expenditures fair return Federal finance Government growth incentive income tax increase industry installment interest Internal Revenue Internal Revenue Code Interstate Commerce Commission invested capital invested-capital manufacturing MAYTAG ment method MILLS natural gas normal and surtax normal earnings normal profits normal tax operating percentage permitted present president problem production profits tax proposed public utilities railroads rate of return reasonable recommendations REED regulated regulatory relief provisions result retained retained earnings Secretary SNYDER section 722 SIMPSON statement suggested tax and surtax tax rate taxable taxation taxpayer tion Treasury vermiculite World World War II
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Էջ 810 - ... the need of each such air carrier for compensation for the transportation of mail sufficient to insure the performance of such service, and, together with all other revenue of the air carrier, to enable such air carrier under honest, economical, and efficient management, to maintain and continue the development of air transportation to the extent and of the character and quality required for the commerce of the United States, the Postal Service, and the national defense.
Էջ 712 - A public utility is entitled to such rates as will permit it to earn a return on the value of the property which it employs for the convenience of the public equal to that generally being made at the same time and in the same general part of the country on investments in other business undertakings which are attended by corresponding risks and uncertainties; but it has no constitutional right to profits such as are realized or anticipated in highly profitable enterprises or speculative ventures.
Էջ 390 - BASIS. (a) DEALERS IN PERSONAL PROPERTY. — Under regulations prescribed by the Commissioner with the approval of the Secretary, a person who regularly sells or otherwise disposes of personal property on the installment plan may return as income therefrom in any taxable year that proportion of the installment payments actually received in that year which the gross profit realized or to be realized when payment is completed, bears to the total contract price.
Էջ 712 - The return should be reasonably sufficient to assure confidence in the financial soundness of the utility and should be adequate, under efficient and economical management, to maintain and support its credit and enable it to raise the money necessary for the proper discharge of its public duties.
Էջ 391 - The net income shall be computed upon the basis of the taxpayer's annual accounting period (fiscal year or calendar year, as the case may be) in accordance with the method of accounting regularly employed in keeping the books of such taxpayer ; but if no such method of accounting has been so employed, or if the method employed does not clearly reflect the income...
Էջ 643 - ... developing, coordinating, and preserving a national transportation system by water, highway, and rail, as well as other means, adequate to meet the needs of the commerce of the United States, of the Postal Service, and of the national defense. All of the provisions of this Act shall be administered and enforced with a view to carrying out the above declaration of policy.
Էջ 643 - Theretofore, the effort of Congress had been directed mainly to the prevention of abuses, particularly those arising from excessive or discriminatory rates. The 1920 act sought to insure, also, adequate transportation service.
Էջ 676 - ... for any day of any taxable year shall be determined as of the beginning of such day and shall...
Էջ 372 - Mr. Chairman and members of the Ways and Means Committee, I am a manufacturer from Missouri and Louisiana.
Էջ 390 - Income, but must be deducted for the taxable year in which the items are "paid or incurred" or "paid or accrued," as provided by sections 43 and 48. A dealer who desires to compute his income on the installment basis shall maintain books of account in such a manner as to enable an accurate computation to be made on such basis in accordance with the provisions of this section.