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, Parts 3-4 |
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Page 1154
... purchase prices would have to be stepped up to meet the tax liability resulting from the ex- change . It is quite conceivable that in the cases of many closely held corporations whose stocks carry a characteristically low base , the ...
... purchase prices would have to be stepped up to meet the tax liability resulting from the ex- change . It is quite conceivable that in the cases of many closely held corporations whose stocks carry a characteristically low base , the ...
Page 1194
... purchase orders or in a continuing document applicable to all future purchase orders until withdrawn in writing , will constitute sufficient validation of all tax - free sales . This will permit elimination of the present cumbersome ...
... purchase orders or in a continuing document applicable to all future purchase orders until withdrawn in writing , will constitute sufficient validation of all tax - free sales . This will permit elimination of the present cumbersome ...
Page 1246
... purchases . It has generally been as- sumed that making purchases outside the Western Hemisphere , not for the pur ... purchase or sale ( other than at retail ) of goods or merchandise may be a difficult test to construe and we believe ...
... purchases . It has generally been as- sumed that making purchases outside the Western Hemisphere , not for the pur ... purchase or sale ( other than at retail ) of goods or merchandise may be a difficult test to construe and we believe ...
Page 1247
... purchase or sale of goods . Hence , if goods are purchased and are then processed , manipulated , or changed in form before sold , this exclusion does not apply . " " The second exclusion would exclude a trade or business which consists ...
... purchase or sale of goods . Hence , if goods are purchased and are then processed , manipulated , or changed in form before sold , this exclusion does not apply . " " The second exclusion would exclude a trade or business which consists ...
Page 1280
... Purchase of securities . 2. Sale of securities . 3. Other management duties : ( a ) Expert services and research organization to determine types of business and quality of manage- ment of businesses invested in . ( b ) Collection of ...
... Purchase of securities . 2. Sale of securities . 3. Other management duties : ( a ) Expert services and research organization to determine types of business and quality of manage- ment of businesses invested in . ( b ) Collection of ...
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Common terms and phrases
allowed amendment American amount apply April 14 arbitrage assets Association banking basis beneficiaries benefits bill bonds capital gains CHAIRMAN Congress cost deduction depreciation distribution dividends earnings effect eliminated employees enactment exchange exemption expenses Federal filed foreign gross income held corporation income tax industry interest Internal Revenue Code Internal Revenue Service inventory investment trusts lessee LIFO limitation liquidation loss manufacturing Means Committee ment method National operating ordinary income paid partners partnership patent payments penalty pension percent percentage depletion period permit preferred stock present law profit-sharing profits proposed provisions purchase purpose real estate real property real-estate received recommended redemption regulations reorganization respect result retail rule section 309 section 923 sell Senate Finance Committee shareholders shares short sale statement stockholders subchapter subsidiary substantial taxable income taxation taxpayer tion transaction Treasury treatment United United States Senate York Stock Exchange
Popular passages
Page 1482 - The aggregate amounts excludable under paragraph (1) with respect to the death of any employee shall not exceed $5,000. (B) Nonforfeitable rights. Paragraph (1) shall not apply to amounts with respect to which the employee possessed, immediately before his death, a nonforfeitable right to receive the amounts while living.
Page 1637 - 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 1586 - States, upon or with respect to the accumulated profits of such foreign corporation from which such dividends were paid, which the amount of...
Page 1652 - 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 1651 - ... such deficiency may be assessed before the expiration of such 3-year period notwithstanding the provisions of section 6212 (c) or the provisions of any other law or rule of law which would otherwise prevent such assessment.
Page 1652 - ... forthwith in good faith, under regulations prescribed by the Commissioner with the approval of the Secretary, expended in the acquisition of other property similar or related in service or use to the property so converted, or in the acquisition of control of a corporation owning such other property, or in the establishment of a replacement fund, no gain or loss shall be recognized. If any part of the money is not so expended...
Page 1336 - A power does not fall within the powers described in this paragraph if any person has a power to add to the beneficiary or beneficiaries or to a class of beneficiaries designated to receive the income or corpus except where such action is to provide for after-born or after-adopted children.
Page 1222 - 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 1480 - ... if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.
Page 1328 - extraction of the ores or minerals from the ground" includes the extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. The...