The Internal Revenue Code of 1954: Hearings Before the Committee on Finance, United States Senate, Eighty-third Congress, Second Session, on H.R. 8300, an Act to Revise the Internal Revenue Laws of the United States, Part 3 |
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Page 1155
... gains rates . But despite this statement in the re- port , the section then proceeds to impose a tax on the exchange at those very capital gains rates , not only on accumulated earnings , but on the entire amount of stock received in ...
... gains rates . But despite this statement in the re- port , the section then proceeds to impose a tax on the exchange at those very capital gains rates , not only on accumulated earnings , but on the entire amount of stock received in ...
Page 1157
... gains tax . Senator LONG . Now , if I understand you correctly , as it stands today , that transaction is a tax - free transaction ; there is no profit or gain on it ; it is a simple consolidation or merger of two corporations , is that ...
... gains tax . Senator LONG . Now , if I understand you correctly , as it stands today , that transaction is a tax - free transaction ; there is no profit or gain on it ; it is a simple consolidation or merger of two corporations , is that ...
Page 1162
... gain might be done through the disposal of stock or assets . At that time , he proposed a 3 - year holding period to ... gain derived by the recipient of preferred stock , whether he redeems or sells the stock within 5 years from the ...
... gain might be done through the disposal of stock or assets . At that time , he proposed a 3 - year holding period to ... gain derived by the recipient of preferred stock , whether he redeems or sells the stock within 5 years from the ...
Page 1165
... gain derived by him should be taxed as a capital gain . We suggest a 5 - year period as being reasonable - 6 months is considered a proper holding period for ordinary capital gains . A transfer tax upon the cor- poration is completely ...
... gain derived by him should be taxed as a capital gain . We suggest a 5 - year period as being reasonable - 6 months is considered a proper holding period for ordinary capital gains . A transfer tax upon the cor- poration is completely ...
Page 1169
... gain income . For the reasons previously stated , the owners of forest properties who make expenditures primarily ... gains to such expenses directly attributable to the quantity measurement and to the making of contracts for the ...
... gain income . For the reasons previously stated , the owners of forest properties who make expenditures primarily ... gains to such expenses directly attributable to the quantity measurement and to the making of contracts for the ...
Common terms and phrases
allowed amendment amount apply April 14 arbitrage assets Association basis beneficiaries benefits bill bonds capital gain CHAIRMAN computed Congress consolidated returns cost December 31 deduction depreciation distribution dividends effect election eliminated employees enactment estate investment trust exchange exempt expenses Federal filed foreign gross income held corporation income tax income-tax industry interest Internal Revenue Code Internal Revenue Service inventory lease lessee lessor LIFO limitation liquidation loss Means Committee ment method mineral operating ordinary income paid partner partnership payments pension plan percent percentage depletion period permitted preferred stock present law profits proposed provisions publicly held purchase purposes quartzite real estate real estate investment real estate trusts real property real-estate received recommended respect result retail rule section 110 section 309 Senate Finance Committee shareholders shares short sale statement stockholders subchapter substantial taxable income taxation taxpayer tion transaction treatment United United States Senate
Popular passages
Page 1222 - States, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals...
Page 1675 - The economic philosophy behind the clause empowering Congress to grant patents and copyrights is the conviction that encouragement of individual effort by personal gain is the best way to advance public welfare through the talents of authors and inventors in 'science and useful arts.
Page 1214 - As used in this paragraph the term "gross income from the property" means the gross income from mining. The term "mining" as used herein shall be considered to include not merely the extraction of the ores or minerals from the ground but also the ordinary treatment processes normally applied by mine owners or operators in order to obtain the commercially marketable mineral product or products...
Page 1691 - If property (as a result of its destruction in whole or in part, theft or seizure, or an exercise of the power of requisition or condemnation, or the threat or imminence thereof...
Page 1618 - States, upon or with respect to the accumulated profits of such foreign corporation from which such dividends were paid, which the amount of...
Page 1248 - Indies, and which satisfies the following conditions: (1) if 95 percent or more of the gross income of such domestic corporation for the 3-year period immediately preceding the close of the taxable year (or for such part of such period...
Page 1223 - The exemption from taxation of money or property devoted to charitable and other purposes is based upon the theory that the Government is compensated for the loss of revenue by its relief from financial burden which would otherwise have to be met by appropriations from public funds, and by the benefits resulting from the promotion of the general welfare.
Page 1228 - In the case of a corporation, there shall be allowed as a deduction an amount equal to the following percentages of the amount received as dividends from a domestic corporation which is subject to taxation under this chapter...
Page 1638 - ... if a petition for redetermination of a deficiency in such estate tax has been filed with the Tax Court within the time prescribed in...
Page 1701 - Reversionary interests — (a) General rule. The grantor shall be treated as the owner of any portion of a trust in which he has a reversionary interest in either the corpus or the income therefrom if, as of the inception of that portion of the trust, the interest will or may reasonably be expected to take effect in possession or enjoyment within...