Revenue Revision: Hearings Before the Committee on Ways and Means, House of Representatives ...U.S. Government Printing Office, 1927 |
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Pagina 8
... taxed as partnerships the average rate of tax on their net income would have been 9.10 per cent . There are only 2,500,000 individuals who return taxable net income , and the average rate of tax on their income has been reduced to 4.20 ...
... taxed as partnerships the average rate of tax on their net income would have been 9.10 per cent . There are only 2,500,000 individuals who return taxable net income , and the average rate of tax on their income has been reduced to 4.20 ...
Pagina 9
... taxable income . Thus we have a strange and inconsistent situation in which the owners of our corporations , some 3,000,000 individuals , are taxed indirectly at the rate of 132 per cent on all or part of their income , whereas under ...
... taxable income . Thus we have a strange and inconsistent situation in which the owners of our corporations , some 3,000,000 individuals , are taxed indirectly at the rate of 132 per cent on all or part of their income , whereas under ...
Pagina 12
... taxable income fall in the brackets running from $ 18,000 to $ 70,000 . In view of the above , I recommend a revision of the rates applicable to the so - called intermediate brackets . Under the revenue act of 1926 incomes from $ 14,000 ...
... taxable income fall in the brackets running from $ 18,000 to $ 70,000 . In view of the above , I recommend a revision of the rates applicable to the so - called intermediate brackets . Under the revenue act of 1926 incomes from $ 14,000 ...
Pagina 14
... taxable net incomes indicate an increase in the income tax paid by them to the Federal Government from $ 57,000,000 for the calendar year 1924 to $ 94,000,000 for the calendar year 1925. Is it quite fair to ask the railroads to ...
... taxable net incomes indicate an increase in the income tax paid by them to the Federal Government from $ 57,000,000 for the calendar year 1924 to $ 94,000,000 for the calendar year 1925. Is it quite fair to ask the railroads to ...
Pagina 49
... taxed first as a shareholder in a corporation and then the same income , having been distributed to him , is sub- jected to normal tax and to surtax , according to the amount which he receives ; so that the corporate income in the first ...
... taxed first as a shareholder in a corporation and then the same income , having been distributed to him , is sub- jected to normal tax and to surtax , according to the amount which he receives ; so that the corporate income in the first ...
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80 per cent allowed amendment amount assessment Association BACHARACH basis believe beneficiaries BLODGETT Board of Tax Bureau capital gain CHAIRMAN CHINDBLOM claim Class I railroads collected commissioner committee Congress corporation income corporation tax cost debt decision depreciation earned estimate exemption expenses fact favor February 26 Federal estate tax Federal Government Federal tax filed fiscal Florida GARNER gentlemen Governor HAWLEY HULL income-tax individual inheritance tax installment interest Internal Revenue legislature levy MACCHESNEY matter MCLAUGHLIN ment MILLS National net income nonresident aliens organization payment present profit provision purpose question RAINEY real estate recommend reduction reference refund regulations remainderman repeal represent resolution revenue act SATTERWHITE Secretary Senate statement statute of limitations stockholders submitted suggested surtax Tax Appeals taxable taxation taxpayer Territory of Hawaii tion TREADWAY Treasury Department trust United
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Pagina 681 - Constitution, but it may be not unreasonably said that the preservation of the States and the maintenance of their governments are as much within the design and care of the Constitution as the preservation of the Union and the maintenance of the national Government. The Constitution, in all its provisions, looks to an indestructible Union, composed of indestructible States.
Pagina 263 - ... property ; also from interest, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source whatever.
Pagina 437 - fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person. (7) The term " withholding agent " means any person required to deduct and withhold any tax under the provisions of section 143 or 144.
Pagina 256 - ... traveling expenses (including the entire amount expended for meals and lodging) while away from home in the pursuit of a trade or business; and rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.
Pagina 260 - 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.
Pagina 276 - For purposes of this section, the term "earned income" means wages, salaries, or professional fees, and other amounts received as compensation for personal services actually rendered, but does not include that part of the compensation derived by the taxpayer for personal services rendered by him to a corporation which represents a distribution of earnings or profits rather than a reasonable allowance as compensation for the personal services actually rendered. In the case of a taxpayer engaged in...
Pagina 466 - Board shall have jurisdiction to redetermine the correct amount of the deficiency even if the amount so redetermined is greater than the amount of the deficiency, notice of which has been mailed to the taxpayer...
Pagina 420 - Farmers', fruit growers', or like associations organized and operated on a cooperative basis (a) for the purpose of marketing the products of members or other producers, and turning back to them the proceeds of sales, less the necessary marketing expenses...
Pagina 253 - capital assets" means property held by the taxpayer (whether or not connected with his trade or business), but does not include stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business...
Pagina 345 - A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.