Impact of Tax Reform and Simplification Proposals on Small Business: Hearings Before the Committee on Small Business, United States Senate, Ninety-ninth Congress, First Session ....

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Page 865 - ... possible errors in measurement [should] be in the direction of understatement rather than overstatement of net income and net assets." In view of the Treasury's markedly different goals and responsibilities, understatement of income is not destined to be its guiding light. Given this diversity, even contrariety, of objectives, any presumptive equivalency between tax and financial accounting would be unacceptable.
Page 847 - Congress attempted to reduce any negative impact of this change by granting financial institutions special net operating 73 loss (NOL) treatment of 10 years carryback and 5 years carryforward in order to "provide an extra margin of safety to protect against the possibility of unusually large bad debt losses." (Report of the House Committee on Ways and Means to accompany HR 13270, the Tax Reform Act of 1969). Since 1969 additional tax changes have been enacted which have altered the tax status of...
Page 846 - ... investment returns during the recent high interest-rate period. The Ways and Means Committee report accompanying the Revenue Act of 1962 clearly indicates that the special bad debt reserve approach was to provide "reserves consistent with the proper protection of the institution and its depositors in light of the peculiar risks of long-term lending on residential real estate.
Page 974 - The Corporation for the Relief of Poor and Distressed Presbyterian Ministers, and of the Poor and Distressed Widows and Children of Presbyterian Ministers.
Page 865 - The primary goal of financial accounting is to provide useful information to management, shareholders, creditors, and others properly interested; the major responsibility of the accountant is to protect these parties from being misled. The primary goal of the income tax system, in contrast, is the equitable collection of revenue; the major responsibility of the Internal Revenue Service is to protect the public fisc.
Page 729 - Senator Gorton. STATEMENT OF HON. SLADE GORTON, A US SENATOR FROM THE STATE OF WASHINGTON Senator GORTON.
Page 937 - I proposal reads: ***an ideal tax system would, however, interfere with private decisions as little as possible. Any deviation from this principle represents implicit endorsement of governmental intervention in the economy — an insidious form of industrial policy based on the belief that those responsible for tax policy can judge better than the marketplace what...
Page 847 - To provide an extra margin of safety to protect against the possibility of unusually large bad-debt losses, banks will be permitted to carry back net operating losses for 10 years instead of 3 years as under present law. In addition, commercial banks will be permitted, as under present law, to carry forward net operating losses for 5 years.
Page 806 - I came to tell you today, and if you have any questions, I would be glad to try to answer them.
Page 813 - ... portion of the average person's budget, and an overall increase in the price of this commodity would increase the cost of living for most American families. It would also increase operating expenses for businesses using gasoline powered motor vehicles, and those higher business expenses could be expected to be passed on to consumers in the form of higher prices. It is questionable whether a penalty tax would result in less gasoline consumption. The Consumer Price Index for gasoline and motor...

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