To Provide Revenue for War Purposes: Hearings... on H.R. 12863... |
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Common terms and phrases
20 per cent Adams additional adopted allowance for depletion Allport AMENDMENT Intended amortization amount barrels basis BEECHER bill H. R. capital CHAIRMAN coal committee corporation deducted depletion allowance discovered discovery discussion doctor druggists drugs excess excess-profits tax fair market value fluid ounce GARFIELD gasoline gentlemen Government hear House bill income tax invested KEITH La Follette limit loss machinery materially disproportionate matter ment mines narcotics net income oil and gas Oil Division oil industry oil or gas oil shales operation petroleum present prewar figures produced profits proposed prospecting prospector provide revenue purpose quantity question reasonable allowance reference REQUA revenue bill RUSSELL selling price Senator GORE Senator JONES Senator LODGE Senator MCCUMBER Senator PENROSE Senator SMITH Senator SMOOT Senator THOMAS Senator TOWNSEND Senator WILLIAMS shale statement suggested taxable taxation taxpayer tion twenty per centum United valuation wildcatter
Popular passages
Page 72 - ... heroin, or more than one grain of codeine, or any salt or derivative of any of them in one fluid ounce, or, if a solid or semisolid preparation, in one avoirdupois ounce; or to liniments, ointments, or other preparations which are prepared for external use only, except liniments, ointments, and other preparations which contain cocaine or any of its salts or alpha or beta eucaine or any of their salts or any synthetic substitute for them...
Page 72 - SEC. 6. That the provisions of this act shall not be construed to apply to the sale, distribution, giving away, dispensing, or possession of preparations and remedies which do not contain more than two grains of opium, or more than onefourth of a grain of morphine, or more than one-eighth of a grain of heroin, or more than one grain of codeine, or any salt or derivative of any of them in one fluid ounce, or, if a solid or semisolid preparation, in one avoirdupois ounce; or to liniments, ointments,...
Page 48 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 40 - ... such reasonable allowance in all the above cases to be made under rules and regulations to be prescribed by the Commissioner with the approval of the Secretary. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and lessee...
Page 83 - That in the case of mines, oil and gas wells, discovered by the taxpayer, on or after March 1, 1913, and not acquired as the result of purchase of a proven tract or lease...
Page 66 - ... a reasonable deduction for the amortization of such part of the cost of such facilities or vessels as has been borne by the taxpayer...
Page 66 - April 6, 1917, for the production of articles contributing to the prosecution of the present war, and in the case of vessels constructed or acquired on or after such date for the transportation of articles or men contributing to the prosecution of the present war...
Page 28 - April 6, 1917, for the productan of articles contributing to the prosecution of the present war, and in the case of vessels constructed or acquired on or after such date for the transportation of articles or men contributing to the prosecution of the present war, there shall be allowed a reasonable deduction for the amortization...
Page 66 - Amortization as used in the Act is not so broad; it refers to deductions on account of such part of the costs of certain facilities as has been borne by the taxpayer, "but not again including any amount otherwise allowed.
Page 89 - ... the amount which bears the same ratio to the net income of the corporation (in excess of the specific exemption of $3,000) for the taxable year as the average tax of such representative corporations bears to their average net income (in excess of the specific exemption of $3,000) for such year.