Ship Construction Reserve Funds: Hearings...on S. 163...April 1, 8, 1943 |
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3d sess 53 Stat 76th Cong Act approved October Admiral VICKERY amend subsection amending section 511 application authority contained bill amending bill would amend C-type centum CHAIRMAN citizen Commissioner of Internal committee construction or acquisition construction reserve fund construction-reserve fund contained in section contract cost CULKIN December 31 declared value excess-profits domestic commerce earnings eligible to establish enactment establish a construction establish a construction-reserve existing law expended or obligated fisheries foreign or domestic fund in lieu further extensions gain represented GOERTNER Government grant extensions income Internal Revenue Code invest Liberty ship MALONEY Maritime Commission Merchant Marine Act MORRISON nonsubsidized owner or operator percent present provisions purpose replacement vessels requirements respect sale or loss Secretary section 112 f shipowner ships statement statute tankers taxpayer termination thereof tion Treasury Department UNITED STATES MARITIME value excess-profits tax vessel or vessels War Shipping Administration WELCH withdrawal
Popular passages
Page 39 - through any contract or understanding it is so arranged that the majority of the voting power may be exercised, directly or indirectly, in behalf of any person who is not a citizen of the United States; or (d) if by any other means whatsoever
Page 44 - net proceeds" of a sale or the "net indemnity" in respect of a loss are deposited in more than one deposit, the gain will be considered as first deposited. Amounts expended, obligated, or withdrawn will be applied against the amounts deposited in the order of deposit. If
Page 1 - (b) The second sentence of subsection (c) of such section is amended to read as follows: "For the purposes of this subsection no amount shall be considered as deposited in a construction reserve fund unless it is deposited within sixty days after it is received by the taxpayer except that (1) in the case of amounts received
Page 4 - has been", and page 5, line 1, strike out "proclaimed", and insert in lieu thereof "or until such earlier time as the Congress by concurrent resolution or the President may designate".
Page 39 - or acquired by a corporation at a time when the taxpayer owns at least 95 per centum of the total number of shares of each class of stock of the corporation. ' ' ' (in) The terms used in this section shall have the same meaning as in chapter 1
Page 39 - or of a State, Territory, District, or possession thereof, but in the case of a corporation, association, or partnership operating any vessel in the coastwise trade the amount of interest required to be owned by citizens of the United States shall be 75 per centum.
Page 38 - Any such deposited gain or portion thereof which is not so expended or obligated within the period provided, or which is otherwise withdrawn before the expiration of such period, or with respect to which the construction has not
Page 40 - Commissioner with the approval of the Secretary| the period for which such return is made. "When used in this chapter— "(b) Fiscal Year.—'Fiscal year' means an accounting period of twelve month ending on the last day of any month other than December.
Page 44 - deposit consists in part of gain not recognized under the statute, any expenditure, obligation, or withdrawal applied against such deposit will be considered to consist of gain in the proportion that the part of the deposit consisting of
Page 1 - no amount shall be considered as deposited in a construction reserve fund unless it is deposited within sixty days after it is received by the taxpayer except that (1) in the case of amounts received [on or] before [the date of enactment of this section or within sixty days after such date] December 10,