Revenue Revision of 1942: Hearings Before the Committee on Ways and Means, House of Representatives, Seventy-seventh Congress, Second Session, on Revenue Revision of 1942

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Page 2869 - of the taxable year, or property held by the taxpayer primarily for sale customers in the ordinary course of his trade or business, or property, used the trade or business, of a character which
Page 2861 - stopped without the employment of a larger number of agents and measures more drastic than the potential importance of these taxes would justify. (P. 43. Annual Report of the Secretary of the Treasury for the fiscal year ended June 30, 1920, Treasury Document No. 2871.) This recommendation for repeal of the
Page 2473 - If there are any questions, I shall be glad to answer them. Mr. Sturtevant, I understand you to say that your profits plan applies principally to small corporations, small companies? Mr. Cooper. Just one question, for information, please. Mr. Sturtevant. Medium-sized companies, small companies, I would say, such as our own company; it almost universally applies to that type of corporation. Mr.
Page 2798 - be repealed and that the income in question be taxed to the persons (estate. heirs, or legatees) actually receiving it. Section 42 of the code provides in part as follows: "In the case of the death of a taxpayer there shall be included in net income for
Page 3133 - decision: -Pollock v. Farmers' Loan & Trust Co. (157 US 429; 158 US 601), was considered and distinguished. Two rulings emerge as a result of the analysis. By the teaching of the Pollock case an income tax on the rents of land (157 US
Page 3129 - the income of real and personal property, being a direct tax within the meaning of the Constitution, and, therefore, unconstitutional and void because not apportioned, the entire income-tax law, constituting one entire scheme of taxation, was necessarily invalid. Four Justices dissented from the majority opinion. Mr. Justice
Page 3230 - rate provided in the preceding paragraphs, counting each two and threefourths inches (or fraction thereof) of the length of each as one cigarette On cigarettes made of tobacco, or any substitute therefor, and weighing not more than three pounds per thousand, [$3
Page 3230 - sold by the manufacturer or importer, or removed for consumption or sale, there shall be levied, collected, and paid, in lieu of the internal-revenue taxes now imposed thereon by section 401 of the Revenue Act of 1924, a tax of
Page 3102 - stated in the O'Keefe opinion, p. 486, that there was no basis "for the assumption that any * * tangible or certain economic burden is imposed on the government concerned as would justify" a decision that the tax upon the employee's salary was invalid. On the other hand, it is no doubt true that the
Page 3094 - on income is a tax on the source of the income, was definitely repudiated: "The theory, which once won a qualified approval, that a tax on income is legally or economically a tax on its source, is no longer tenable,

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