H.R. 3121 (Fuqua), a bill to enable professional individuals and firms in the District of Columbia to obtain the benefits of corporate organization, and to make corresponding changes in the District of Columbia Income and Franchise Tax Act___ Section-by-section analysis of principal provisions of H.R. 3121. Page 5 18 STATEMENTS American Institute of Architects, Inc.: Kennard, H. Hunter, president, Washington Metropolitan Chapter_- Bar Association of the District of Columbia: Corey, William S., Chairman, Tax Committee__. Middlekauff, Roger D., chairman, Subcommittee on Corporations D.C. Government: William A. Robinson, Assistant Corporation Counsel.---. D.C. Medical Society: Ferraraccio, Frank, executive director; Giffin, Dr. Herbert, legislative Deferred Compensation Plans, Inc.: Koenig, Joel, president.. Ludwig, Ronald L., vice president and general counsel.. 78 Diamond, Louis H., Esq., member, D.C. Bar 38 Fuqua, Hon. Don, a Representative in Congress from the State of Florida- 19 81 MATERIAL SUBMITTED FOR THE RECORD American Institute of Architects, Inc.: H. Hunter Kennard, president, Washington Metropolitan Chapter, Letter dated May 13, 1971, to Chairman Hungate.. Treasury Department, Internal Revenue Service, Harold T. Swartz, Dr. W. Deaver Kehne, president, letter dated March 1, 1971, to the 51 SUMMARY OF HEARING Amendments proposed: American Institute of Architects... D.C. Bar Association_ D.C. Government. Benefits of bill to the District_ Comparison of H.R. 3121 with Maryland and Virginia acts_ Corporate advantages__ District of Columbia and Federal tax considerations_ Effect of bill... ... .... Liability of professionals.. 51 27 85 79, 82 34, 54 48 22 77 27, 38 PROFESSIONAL CORPORATIONS TUESDAY, MAY 11, 1971 HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON THE JUDICIARY OF THE COMMITTEE ON THE DISTRICT OF COLUMBIA, Washington, D.C. The Subcommittee met, pursuant to notice, at 10:25 a.m., in Room 1310, Longworth House Office Building, Honorable William L. Hungate (Chairman), presiding. Present: Representatives Hungate (Chairman), Mikva, Smith, and Delegate Fauntroy. Also Present: James T. Clark, Clerk; Hayden S. Gerber, Counsel; John Hogan, Minority Clerk; and Leonard O. Hilder, Investigator. Mr. HUNGATE. The next bill is H.R. 3121, the District of Columbia Professional Corporation Act. (The bill, H.R. 3121, and a section-by-section analysis thereof, follows:) (1) H.R. 3121, 92d Congress, 1st Session, by Mr. Fuqua, on February 1, 1971 A BILL To enable professional individuals and firms in the District of Columbia to obtain the benefits of corporate organization, and to make corresponding changes in the District of Columbia Income and Franchise Tax Act. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 4 PROFESSIONAL CORPORATIONS SECTION 1. Title 29 of the District of Columbia Code is 5 amended by adding the following as chapter 11 thereof: 8 "This chapter shall be known and may be cited as the 9 'District of Columbia Professional Corporation Act'. I-O |