GENERAL TESTIMONY

Panel No. 2:
American Hotel & Motel Association: Warner H. McLean.......
National Associated Businessmen: Ray M. Stroupe, executive vice
president__

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1207

National Venture Capital Association: David Morgenthaler, secretarydirector..

1215

Taxation with Representation: Thomas J. Reese, legislative representative..

1229

United Church of Christ: Frederick L. Hofrichter, associate on legislation__.

1261

TAX SHELTERS AND MINIMUM TAX (FARM OPERATIONS AND RELATED
MATTERS)

United Egg Producers: John P. Wallace, president

1360

Paul R. McDaniel, assistant professor of law, Boston College (invited witness).

1362

WEDNESDAY, JULY 16, 1975:

TAX SHELTERS AND MINIMUM TAX (CAPITAL FORMATION AND HOUSING
IN GENERAL)

Panel No. 1:

International Council of Shopping Centers: Myles H. Tanenbaum ___
National Apartment Association: John C. Williamson, general counsel
National Association of Home Builders: John C. Hart, first vice
president

1403

1409

1411

National Association of Realtors: Wallace R. Woodbury, chairman,
Federal Taxation Subcommittee__

1413

National Realty Committee: Alan J. B. Aronsohn.

1423

National Rural Housing Coalition: Ms. Cushing N. Dolbeare, executive secretary.

1433

National Savings and Loan League: Gilbert G. Roessner, immediate past president____

1440

U.S. League of Savings Associations: Edwin Brooks, Jr., vice chairman,
Legislative Committee..

1445

Jerome Kurtz, Wolf, Block, Shor & Solis-Cohen, Philadelphia, Pa. (invited witness).

1454

TAX SHELTERS, MINIMUM TAX, CAPITAL FORMATION AND HOUSING

IN GENERAL

Panel No. 2:

Institute for Government Assisted Housing: Peter H. Leach, cochairman..

1507

National Housing Rehabilitation Association: A. Carleton Dukess, president..

1517

National Leased Housing Association: Thomas Cook, president_.
Council of State Housing Agencies: John C. Burnett, president.-
Lincoln Life Improved Housing Inc., Fort Wayne, Ind.: Michael
Marchese, Jr...

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1527

1529

Stuart S. Seigel, Cohen & Uretz, Washington, D.C. (invited witness).

1547

DEDUCTIONS FOR CONVENTIONS OUTSIDE THE UNITED STATES Panel No. 3:

American Society of Association Executives: James P. Low, executive vice president__

1608

British-American Chamber of Commerce: David Farguharson, executive director, and Martin D. Deutch, Travel Publications Consultant.

1613

Hyatt International Corporation: A. P. di Tullio, president-
Donald N. Martin and Co.: Donald N. Martin.

1615

1619

International Congress and Convention Association: Gilbert Garber, president

1624

Donald C. Lubick, Hodgson, Russ, Andrews, Woods & Goodyear,
Buffalo, N. Y. (invited witness) -

1628

INCOME EARNED ABROAD (U.S. POSSESSION CORPORATIONS) Commonwealth of Puerto Rico: Jaime Benitez, Resident Commissioner; Salvador Casellas, secretary of the treasury; Teodoro Moscoso and Mariano Ramierez, economic development administration; and Julius Greisman, counsel.

TAX SIMPLIFICATION (SICK PAY EXCLUSION, RETIREMENT Income
CREDIT, MILITARY MOVING EXPENSES, DISABILITY INCOME)
American Legion: Robert E. Lyngh, deputy director, National
Veterans Affairs and Rehabilitation Commission..
Disabled American Veterans: William B. Gardiner, assistant national
director of legislation___

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1695

1700

Fleet Reserve Association: Robert W. Nolan, national executive secretary

1708

Retired Officers Association: George F. Hennrikus, Jr., chief legislative counsel...

1713

National Association of Concerned Veterans: Michael Skyer, vice president_

1716

National Association for Uniformed Services: Robert B. Laurents, senior legislative counsel. -

1722

Non Commissioned Officer Association of the United States: C. A. "Mack" McKinney, director of legislative affairs__

1725

INCOME EARNED ABROAD

American Foreign Service Association: Larue H. Velott, secretary; accompanied by Donald L. Field, Jr., counselor - - American Council of Voluntary Agencies for Foreign Service: James J. Norris, chairman (assistant executive director, Catholic Relief Services), Rose Matzkin (president, Hadassah); Frank Goffio, (executive director, CABE); Samuel Haber (executive vice president, American Jewish Joint Distribution Committee); Ernest Miller (director, National Public Affairs, Salvation Army)_ MONDAY, JULY 21, 1975:

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1744

INCOME EARNED ABROAD

Panel No. 1:

Advisory Committee on International Capital Markets of the New
York Stock Exchange: Robert V. Roosa...

1757

American Mining Congress: Dennis P. Bedell, chairman, Tax Committee; accompanied by David T. Wright_

1763

Electronic Industries Association: V. J. Adduci, president; accompanied by Peter R. Levin and Jerry Pohlman

1840

Emergency Committee for American Trade: Lee L. Morgan

1888

National Foreign Trade Council: Robert M. Norris, president; ac-
companied by Wesley N. Fach, director, Tax-Legal Division..........
United States Council of the Internal Chamber of Commerce: Raphael
Sherfy

1893

1910

Stanford Ross, Caplin & Drysdale, Washington, D.C. (invited witness).

1924

Panel No. 2:

American Cyanamid Company: R. C. Plumb, assistant treasurer and director of taxes_

1972

International Business Machines: David L. Grove, vice president and chief economist__

1979

Prof. Lawrence M. Stone, University of California (invited witness).

1984

Panel No. 3:

International Economic Policy Association: Timothy W. Stanley, president; accompanied by A. E. Germain, chairman, Committee on Taxation.

National Ocean Industries Association: Carl H. Savit, chairman,
board of directors__.

Western Electronic Manufacturers Association: Charles S. Gubser_.
International Tax Institute: Paul D. Seghers, president__

TUESDAY, JULY 22, 1975:

Panel No. 1:

TAX TREATMENT OF OIL AND GAS

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2064

American Institute of Professional Geologists: John A. Taylor.
Exxon Corp.: Emilio G. Collado, executive vice president_
Geothermal Resources International: Karl Landstrom__.
Independent Petroleum Association of America: C. John Miller,
president...

2083

2097

2106

2108

Louisiana Minerals Board: William C. Huls, vice chairman.
Rocky Mountain Oil and Gas Association: Hugh C. Braly.

2118

2122

TAX TREATMENT OF GAS AND GAS DISTRIBUTORS AND SALES COMPANIES
Panel No. 2:

American Gas Association and Pacific Lighting Corp.: Joseph R.
Rensch....

2159

Interstate Natural Gas Association of America: Wilber H. Mack, chairman..

2171

Columbia Gas System: Bernard J. Clarke, president_
Domestic Petroleum Council: Richard Lowe..

2185

2203

2221

Leaf Tobacco Exporters Association: Hugh C. Kiger, executive vice president..

Special Committee for U.S. Exports: David Garfield, chairman..
Michael McIntyre, Harvard University (invited witness).

Peoples Gas Co.: Robert M. Drevs, chairman of the board..

WEDNESDAY, JULY 23, 1975:

Panel No. 1:

DOMESTIC INTERNATIONAL SALES CORPORATIONS (DISC)

General Cable Corp.: S. Robert Breitbarth, vice president-inter-
national__

FMC Corp.: Robert H. Malott, chairman of the board and president. -
Lummus Industries, Inc., Lummus International Sales Corp., and
Georgia Chamber of Commerce: Raiferd L. Drew

Mid-America Council for International Economic Policy: J. Frank
Wyatt

2245

2259

2262

2264

2270

2274

2319

TAX TREATMENT OF PUBLIC UTILITIES

Panel No. 2:

American Public Power Association: Alex Radin, general manager... American Telephone & Telegraph Co.: Robert N. Flint, vice president and comptroller__

2351

2360

Dean Witter & Co.: Kenneth Hollister, first vice president...
Edison Electric Institute: James J. O'Connor..

2365

2367

Paine, Webber, Jackson & Curtis: A. Jones Yorke, president__
United States' Independent Telephone Association: Theodore F.
Brophy....

2373

2376

CAPITAL FORMATION

Panel No. 3:

American Textile Manufacturers Institute: John M. Hamrick, president...

2469

Metropolitan Life Insurance Co.: Charles Moeller, Jr., senior vice president and economist....

2484

Rubber Manufacturers Association: Edward E. Wright, vice president.
Trans-Union Corp.: Jerome W. Van Gorkom, president..
Richard A. Musgrave, Harvard University (invited witness)

2490

2511

2515

Leon O. Stock, Washington, D.Ć.

2543

Aguirre Co., New York City: Walter S. Surrey, counsel

2547

D. Chase Troxell, New York City: on behalf of Frank A. Augsbury,
Jr. and Frank A. Augsbury III.

2566

Laredo National Bank, Laredo, Tex.: Max A. Mandel, chairman, executive committee_.

2571

Association of American Chambers of Commerce in Latin America:
Fred W. Southerland, past president.-

2577

Prof. Robert Stobaugh, Harvard Graduate School of Business Administration__

2590

FRIDAY, JULY 25, 1975:

TESTIMONY FROM MEMBERS OF CONGRESS

Hon. Charles E. Bennett, Member of Congress (Florida) .
Hon. Donald M. Fraser, Member of Congress (Minnesota)
Hon. Edward I. Koch, Member of Congress (New York)
Hon. Jack Kemp, Member of Congress (New York) -
Hon. David C. Treen, Member of Congress (Louisiana)
Hon. David W. Evans, Member of Congress (Indiana).
Hon. Ronald M. Mottl, Member of Congress (Ohio).
Hon. Larry Pressler, Member of Congress (South Dakota).

2825

2828

2870

2840

2877

2882

2890

2913

MONDAY, JULY 28, 1975:

CAPITAL FORMATION

Panel No. 1:

Ad Hoc Committee for an Effective Investment Tax Credit: George A.
Strichman, chairman..

2981

American Council for Capital Formation: Charles E. Walker, chair

man_

3036

American Iron & Steel Institute: C. William Verity, Jr.
Joint Presentation:

3063

Air Transport Association of America: Paul R. Ignatius, presi-
dent__.

3128

Association of American Railroads: Carl V. Lyon, senior vice
president

3136

Public Citizen Tax Reform Research Group: Robert M. Brandon, director___

3142

CAPITAL GAINS AND LOSSES

Panel No. 2:

Forest Industries Committee on Timber Valuation and Taxation:
Loran L. Stewart, chairman, Oregon State Committee and Edward
Knapp--

Merrill Lynch & Co., Inc.: Donald T. Regan, chairman of the board. __
National Association of Investment Clubs: Thomas E. O'Hara,

chairman, board of trustees _ _

New York Stock Exchange: James J. Needham, chairman..
Stockholders of America, Inc.: Margaret Sullivan, president..
Citizens Coalition for Tax Reform: T. E. Keller, chairman..

CAPITAL FORMATION

Panel No. 3:

3184, 3204

3206

3225

3229

3245

3248

Allied Chemical Corp.: Bernard Larner, corporate vice president. --
Cantor, Fitzgerald & Co.: George V. Delson, executive vice president.
Smaller Business Association of New England: Oliver O. Ward, presi-
dent, and Edward H. Pendergast, Jr., past president..

New York Citizens for Tax Reform: Stuart Filler, chairman, advisory
board...

3283

3284

3292

3300

American Machine Tool Distributors Association: Richard B. Robinson, president__

Associated Equipment Distributors: Johnnie M. Walters, special counsel....

Machinery Dealers National Association: Sidney Mandell, president.
National Machine Tool Builders Association: Ralph E. Cross, presi-
dent...

National Tool, Die & Precision Machining Association: Philip R.
Marsilius, chairman, Industry Task Force on Tax Reform
George F. Break, Department of Economics, University of California
(invited witness).

Panel No. 2:

Committee of Publicly Owned Companies: C. V. Wood, Jr., president,
McCulloch Oil Corp.; Fred A. Simpson, senior vice president,
Baker Oil Tools; Leonard Marks, Jr., executive vice president,
Castle & Cooke; Stephen A. Furbacher, president, Neptune Inter-
national Corp. -

Mead Corp.: James W. McSwiney, chairman of the board-
National Association of Small Business Investment Companies:
Walter B. Stults, executive vice president...

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3349

3382

3388

3411

3422

3428

Tax Equity for America (Delaware Valley Chapter): Bill Callahan...
Joseph A. Pechman, The Brookings Institution (invited witness) --

3439

3441

Panel No. 3:

Joel Barlow, Covington & Burling, Washington, D.C.---
Kelso Bangert & Co.: Norman G. Kurland, counsel.
Media General, Inc.: Alan S. Donnahoe, president---

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3473

3505

WEDNESDAY, JULY 30, 1975:

CAPITAL FORMATION AS IT RELATES TO CARRYFORWARD AND CARRYBACK OF
NET OPERATING LOSSES

Panel No. 1:

E. T. Barwick Industries: Paul F. Schneider, counsel..-.
Chrysler Corp.: John A. Ford, executive vice president, administra-
tion....

3546

3549

Investment Company Institute: Robert L. Augenblick, president....
Pan American World Airways: Stuart G. Tipton, senior vice president,
Federal Affairs....

3557

John Swenson Granite Co., West Concord, N.H.: Kurt M. Swenson,
executive vice president..

Michael Waris, Jr., on behalf of: Ampex Corp, Redwood City, Calif.;
American Girl Fashions, Inc., Braintree, Mass.; Benson Shoe Co.,
Lynn, Mass.; Bernie Shoe Co., Haverhill, Mass.; Dover Shoe
Manufacturing Co., Chestnut Hill, Mass.; Jos. Weiss & Sons, Inc.,
Brooklyn, N. Y.; and The Bibb Co., Macon, Ga.
Richard Freling, Jenkens & Gilchrist, Dallas, Tex. (invited witness) _ _

American Association of Presidents of Independent Colleges & Uni-
versities (and a number of other educational organizations): Conrad
Teitell, special counsel and David K. Andrews, president 3647, 3688
Council for Financial Aid to Education: John T. Connor, chairman_-
Coordinated Testimony: American Council on Education: Edward
Boling, member, Tax Committee, Dartmouth College, John H.
Myers, counsel.

3689

3764

Southern Methodist University: Willis M. Tate, chancellor
United Way of America: Robert Beggan..

3772

3778

Daniel Halperin, School of Law, University of Pennsylvania (invited
witness).

3780