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5. The facts upon which the taxpayer relies as the basis of its appeal are as follows: (Here set forth a brief statement of the facts—but not the evidence -in orderly and logical sequence, so as to enable the commissioner to admit or deny each allegation.)

6. The taxpayer, in support of its appeal, relies upon the following propositions of law: (Here state briefly each question of law in dispute, without argument or citation.)

Wherefore the taxpayer respectfully prays that this board may hear and determine its appeal.

Counsel for Taxpayer.

(Post Office Address). State of County of

being duly sworn, says that he is the president of the John Doe Company, above named, and as such is duly authorized to verify the foregoing petition; that he has read the said petition, or had the same read to him, and is familiar with the statements therein contained, and that the facts therein stated are true, except such facts as are stated to be upon information and belief, and those facts he believes to be true. Sworn to before me this

1924

Notary Public. (See rules 5 and 27.)

SS.

day of

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Application for Subpæna. To the United States Board of Tax Appeals:

Application is hereby made for the issuance of a subpæna for the attendance before (the United States Board of Tax Appeals, or the name and official title of the person authorized to take depositions) at of the following persons whose oral testimony is desired on behalf of (taxpayer or the United States) in the matter of the tax liability of the above-named taxpayer now pending on appeal:

Name.

Address.

Details required under rule No. 40:

[Signed]

Dated

192 (See Rule No. 40.)

635

No. 4. United States Board of Tax Appeals.
Appeal of

Docket No.

Subpæna.
The President of the United States of America to Greeting:

You are hereby commanded under penalty of law to be and appear in your
proper person before the (United States Board of Tax Appeals, or the name and
official title of the person authorized to take depositions) at
-, 192---, at

o'clock m., then and there to testify on behalf of (taxpayer or the United States) in the matter of the tax liability of

now pending before this board. You are required to bring with you the following, to wit:

on the

day of

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By order of the United States Board of Tax Appeals, this

day of
192—
[Seal.]

(Member). (See Rule No. 40.)

Proof of Service.
State of
County of

being first and duly sworn, says: I am a citizen of the United States
of America, over the age of twenty-one years, and not a party to or in any way
interested in the appeal in which this subpæna was issued.
That on the

day of

192—, I served the annexed subpæna on the following witnesses named therein at the places set opposite their respective names, by delivering to and leaving with each of them personally a copy of said subpæna and at the same time exhibiting to each of them this original.

Name.

Place of Service.

(For witnesses subpoenaed on behalf of taxpayer.)

That at the time of such service I tendered to each of said witnesses the sum of $ the same being the fees and mileage provided by section 900 (i) of the Revenue Act of 1924.

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Subscribed and sworn to before me this

day of

192—.

636

No. 5.- United States Board of Tax Appeals.

Appeal of - Docket No.

Order to Take Depositions. On reading and filing the application of (taxpayer or commissioner) to take the testimony by deposition of (names of witnesses) residing at alleged to be material witnesses in this cause, at (room number, street number, and place) on the day of

o'clock appearing therefrom that

(official title), of

(address) is a person authorized to administer oaths under the Revenue Act of 1924, it is by the board, this

day of

192—, ordered, that the depositions of the said witnesses above named be taken at (room number, street number, and place), commencing on the

day of
192—, at

o'clock

1924, at

m., and it

a

m.

а

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day of

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M.,

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And it is further ordered, that the said depositions be taken before of

(official title), who is hereby designated by the board for that purpose.

The said depositions shall be taken and the same returned to this board in accordance with the rules of the board. (Seal.]

(Member, United States Board of Tax Appeals). (See rules 41 and 42.)

Certificates on Return. I, the person named in the foregoing order to take depositions, hereby certify: 1. I proceeded, on the

A. D., 192—, at the office of -, in the city of

state of

at

o'clock, under the said order (and in the presence of

and

the counsel of the respective parties), to take the following depositions, viz.:

a witness produced on behalf of the (taxpayer or United States).
a witness produced on behalf of the (taxpayer or United States).

a witness produced on behalf of the (taxpayer or United States). That said witness- were examined under oath at such times and places as conditions of adjournment required, and that the testimony of said witness(or their answers to the interrogatories filed) was taken stenographically and reduced to typewriting by me or under my direction.

2. I further certify that after the said testimony of said witness—was reduced to writing the transcript of the testimony was read and signed by said witness- in my presence, and that each of them or he) acknowledged before me that said testimony was in all respects truly and correctly transcribed.

3. I further certify that, after the signing of the deposition in my presence, no alterations or changes were made therein.

(Signature of Person Taking Deposition.) [Scal.]

(Official Title). (Note.—The order and return should be attached to and bound with the transcript preceding the first page thereof. It should then be inclosed in a sealed envelope and addressed to United States Board of Tax Appeals, Earl Building, Washington, D. C.)

CHAPTER 58

WAR FINANCE CORPORATION

1. Origin and Mission

The War Finance Corporation was created by the Act of April 5, 1918.1 Its original purpose was to give financial support to industries whose operations were “necessary or contributory to the prosecution of the war" and to banking institutions that aided in financing such industries. It was also authorized to make advances to savings banks and building loan associations, to buy and sell obligations of the United States government, and to issue bonds.

Under the Act of February 20, 1924, the corporation ceased to receive applications for new loans on November 30, 1924, and the making of new loans was discontinued on December 31, 1925. The corporation still has authority, however, to renew or extend outstanding loans within the limits prescribed by the act, as well as to incur expenditures incident to the orderly liquidation of its assets.

2. History

The first meeting of the board of directors was held on May 17, 1918, and the corporation, in accordance with the provisions of section 14 of the act of 1918, was authorized by the President to commence business on May 20, 1918. It was in existence only six months before the Armistice was signed, but within that short period it handled a large volume of business. When hostilities ceased, its operations were contracted automatically, but in the spring of 1919 it was called upon to undertake the burden of financing the railroads, then under federal control, in view of the fact that no funds had been provided by the Congress for the maintenance of their operations.

By, amendment approved March 3, 1919,3 the corporation was authorized to make advances, to the extent of $1,000,000,000, to American exporters and to American banking institutions which financed American exports. This authority was exercised until May 10, 1920, when the corporation's activities were suspended at the request of the Secretary of the Treasury.

In January, 1921, the Congress passed a joint resolution directing the corporation to resume operations “with the view of assisting in the financing of the exportation of agricultural and other products to foreign countries," and the powers of the corporation were greatly broadened by the amendment known as the Agricultural Credits Act of August 24, 1921. The latter act gave the corporation authority to make advances for agricultural purposes to banking and financing institutions, including livestock loan companies and co-operative mar

140 Stat. 506, amended November 21, 1918 (40 Stat. 1045). 2 43 Stat. 14. 3 March 3, 1919 (41 Stat. 1309). 442 Stat. 181.

keting associations, and provided that the aggregate advances remaining unpaid at any one time, for any purpose, should not exceed $1,000,000,000.

The Act of April 5, 1918, required the corporation to cease active operations at the expiration of six months after the termination of the war, the date of such termination to be fixed by proclamation of the President. The amendment of March 3, 1919,3 however, authorized the corporation to make advances for export purposes until the expiration of one year after the termination of the war, as fixed by proclamation of the President, while the Act of August 24, 1921,4 limited to June 30, 1922, the period during which advances could be made. This period was extended to June 30, 1923, by the Act of June 10, 1922; 5 to March 31, 1924, by the Agricultural Credits Act of 1923; 6 and to December 31, 1924, by the Act of February 20, 1924.2

Altogether the corporation, since its creation, has made advances totaling $689,691,000-$306,756,000 under its war powers, $85,001,000 for export purposes, and $297,934,000 for agricultural and livestock purposes. It is impossible to state at this time just what balance ultimately will be returned to the Treasury, but there is every reason to believe that, when the remaining assets of the corporation—that is, its outstanding loans—have been liquidated, and after deducting operating expenses and such losses as may be sustained, the government will receive, in addition to the original capital of $500,000,000, a return approximating the cost to the Treasury of the money used in the operations of the corporation.

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3. Organization

The organic act 1 provided that the management of the corporation should
be vested in a board of directors, consisting of the Secretary of the Treasury,
as chairman of the board, and four other persons, to be appointed by the Presi-
dent of the United States, by and with the advice and consent of the Senate.
The Secretary of Agriculture was added to the corporation directorate
Agricultural Credits Act of August 24, 1921.4 Therefore the present organ-
ization is as follows:
I. The Washington Administration, located in the Treasury Building, con-

sists of:
(a) The Secretary of the Treasury, Chairman.
(b) The Secretary of Agriculture.
(c) Managing Director, and three other Directors.
(d) Assistant to the Directors.
(e) General Counsel.
(f) Secretary
(g) Treasurer.

1 40 Stat. 506, amended November 21, 1918 (40 Stat. 1045).
2 43 Stat. 14.
3 March 3, 1919 (41 Stat. 1309).
4 42 Stat. 181.
642 Stat. 634.
6 Agricultural Credits Act of March 4, 1923 (42 Stat. 1454).

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