Ship Construction Reserve Funds: Hearings Before the Committee on the Merchant Marine and Fisheries, House of Representatives, Seventy-eighth Congress, First Session, on S. 163, a Bill to Amend Section 511 of the Merchant Marine Act, 1936, as Amended, Relating to Ship Construction Reserve Funds, and for Other Purposes, April 1 and 8, 1943

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Page 2 - I thereof shall remain in force during the continuance of the present war and for 6 months after the termination of the war or until such earlier time as the Congress by concurrent resolution or the President may designate.
Page 39 - States, and. in the case of a corporation, unless its president and managing directors are citizens of the United States and the corporation itself is organized under the laws' of the United States or of a state, territory, district or possession thereof...
Page 48 - Federal income or excess profits taxes, of any new vessel constructed, reconstructed, reconditioned, or acquired by the taxpayer, or with respect to which purchase-money indebtedness is liquidated as provided in...
Page 37 - Act, but not of less than 2,000 gross tons or of less speed than twelve knots, unless the Commission shall determine and certify in each case that a vessel of a specified lesser tonnage or speed is desirable for use by the United States in case of war or national emergency, or (B) constructed to replace a vessel or vessels requisitioned or purchased by the United States.
Page 39 - For the purposes of this section a vessel shall be considered as constructed or acquired by the taxpayer if constructed 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. "(m) The terms used in this section shall have the same meaning as in chapter 1 of the Internal Revenue Code. "(n) The terms 'contract for the construction...
Page 39 - Administration determines and certifies to the Secretary of the Treasury that for causes within the control of the taxpayer...
Page 39 - When used in this Act — (a) The words "foreign commerce" or "foreign trade" mean commerce or trade between the United States, its Territories or possessions, or the District of Columbia; and a foreign country.
Page 38 - Commission to the extent by it deemed necessary; and (B) in case of a vessel or vessels not constructed under the provisions of this title or not purchased from the Commission, (i) said construction is completed within six months from the date of the construction contract, to the extent of not less than 5 per centum thereof (or in case the contract covers more than one vessel, the construction of the first vessel so contracted for is so completed to the extent of not less than 5 per centum) as estimated...
Page 39 - States (a) if the title to 75 per centum of its stock is not vested in such citizens free from any trust or fiduciary obligation in favor of any person not a citizen of the United States...

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