From inside the book
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Page 23
... taxed at capital gains rate . A lump - sum distribution to a self - employed individual is taxable ordinary income , subject to a special averaging rule in certain cases . Lastly , the present Federal estate tax and gift tax exclusions ...
... taxed at capital gains rate . A lump - sum distribution to a self - employed individual is taxable ordinary income , subject to a special averaging rule in certain cases . Lastly , the present Federal estate tax and gift tax exclusions ...
Page 26
... taxable income and a maximum of 48 percent rate on the remainder of the corporate income . I might mention here briefly that there has been a lot of talk re- cently about the imminence of federal legislation which would make ...
... taxable income and a maximum of 48 percent rate on the remainder of the corporate income . I might mention here briefly that there has been a lot of talk re- cently about the imminence of federal legislation which would make ...
Page 30
... ? Mr. COREY . That is right . Mr. MIKVA . If this law were to go through the professional corpora- tion would pay an income tax like any other corporation ; is that correct ? Mr. COREY . That is correct ; on its taxable 30.
... ? Mr. COREY . That is right . Mr. MIKVA . If this law were to go through the professional corpora- tion would pay an income tax like any other corporation ; is that correct ? Mr. COREY . That is correct ; on its taxable 30.
Page 31
... taxable income . Mr. MIKVA . Then the partners the former partners now stock- holders , would pay on their salaires , the amount that they actually were paid , an income tax ? Mr. COREY . If they are District residents . Mr. MIKVA . I ...
... taxable income . Mr. MIKVA . Then the partners the former partners now stock- holders , would pay on their salaires , the amount that they actually were paid , an income tax ? Mr. COREY . If they are District residents . Mr. MIKVA . I ...
Page 32
... taxable income to him . Mr. HUNGATE . It would be taxable income to the employee whereas under this program it would not ? Mr. COREY . That is right . These benefits which we are talking about are tax free . The value of the group life ...
... taxable income to him . Mr. HUNGATE . It would be taxable income to the employee whereas under this program it would not ? Mr. COREY . That is right . These benefits which we are talking about are tax free . The value of the group life ...
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additional adjustments amended amount applicable architects Association authorized bill budget bus purchase buses capital cents Chairman Commission Commissioner Committee company's Congress COREY Corporation Act cost court D. C. Transit decedent deductions directors District Government District income tax District of Columbia Dowdy employees Engine 30 estate tax exemption expenditures expenses fare increase FAUNTROY Federal income tax fessional filed fiscal franchise tax funds future annual period HAHN health maintenance organizations HUNGATE incorporate individual Internal Revenue Code Internal Revenue Service JOHN DOWDY legislation liability licensed Maryland ment Metropolitan MIDDLEKAUFF MIKVA million net operating income nonresident Office Operating Revenue organized paid partnership payment percent person police practice profes profession professional corporation proposed render resident return on equity riders ridership shareholder shares staff statement statute tax purposes taxpayer thereof tion token Virginia Washington zone
Popular passages
Page x - Except as provided In 276 — (a) Genera] Rule. The amount of Income taxes Imposed by this title shall be assessed within three years after the return was filed, and no proceeding In court without assessment for the collection of such taxes shall be begun after the expiration of such period.
Page 8 - Act, but the repeal of existing laws or modifications thereof embraced in this Act shall not affect any act done, or any right accruing or accrued, or any suit or proceeding had or commenced in any civil cause before...
Page 9 - ... changed, modified, or repealed by this act may be prosecuted and punished in the same manner and with the same effect as if this act had not been passed.
Page 7 - ... tax, make such return, keep such records, or supply such information, at the time or times required by law or regulations, shall, in addition to other penalties provided by law, be guilty of a misdemeanor and, upon conviction thereof, be fined not more than $10,000, or imprisoned for not more than one year, or both, together with the costs of prosecution.
Page 425 - ... intended to take effect in possession or enjoyment at or after his death, or of which he has at any time made a transfer, by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death...
Page 117 - ... to the need, in the public interest, of adequate and efficient transportation service by such carriers at the lowest cost consistent with the furnishing of such service; and to the need of revenues sufficient to enable such carriers, under honest, economical, and efficient management, to provide such service.
Page xi - In the case of a false or fraudulent return with intent to evade tax or of a failure to file a return the tax may be assessed, or a proceeding: in court for the collection of such tax may be begun without assessment, at any time.
Page vii - ... from his own knowledge and from such information as he can obtain through testimony or otherwise.
Page xi - Where before the expiration of the time prescribed in subsection (a) for the assessment of the tax, both the Commissioner and the taxpayer have consented in writing to its assessment after such time, the tax may be assessed at any time prior to the expiration of the period agreed upon.
Page 59 - An Act authorizing the formation of partnership associations in which the capital subscribed shall alone be responsible for the debts of the association, except under certain circumstances.