China Claims Reallocation: Hearing and Markup Before the Committee on Foreign Affairs and Its Subcommittees on Asian and Pacific Affairs and on International Economic Policy and Trade, House of Representatives, Ninety-sixth Congress, Second Session, on H.R. 6440, September 29 and 30, 1980 |
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41 percent 6440 is enacted bill BILL GRADISON BINGHAM Chairman ZABLOCKI China claims China losses Claims Act Claims Settlement Act Claims Settlement Commission CONGRESS LIBRARY CONGRESS THE LIBRARY corporate claimants date of nationalization dollar expropriation Exxon Exxon Corporation Federal income tax Federal tax benefits FENWICK Foreign Claims Settlement gentleman yield GILMAN HOWARD WOLPE incorporated business enterprise insert in lieu International Claims Settlement International Economic Policy involved JOEL PRITCHARD LAGOMARSINO legislation LIBRARY OF CONGRES LIBRARY OF CONGRESS lieu thereof ment million MUNK nonprofit organizations Ohio organizations if H.R. paid PAUL FINDLEY People's Republic Policy and Trade principal amount proposed questions rata reallocated to nonprofit reduced reimbursement Republic of China Robert Taft second year distributions Senator Javits Stanvac SUBCOMMITTEES ON ASIAN subparagraph subsection taking of property tax deductions TENNYSON GUYER tion Treasury Department U.S. Government U.S. nationals U.S. taxpayers unpaid principal balance WOLFF YARBOROUGH York
Popular passages
Page 25 - Thereafter, payments from time to time on account of the unpaid balance of each remaining award made pursuant to this...
Page 22 - Communist regime) , shall exceed 10 per centum of so much of the total amount of such claim, as determined by the Commission under Title V of the Act, as does not exceed $20,000, plus 5 per centum of so much of such amount, if any, as exceeds $20,000. (e) The total remuneration on account of services rendered or to be rendered to or on behalf of any applicant in connection with any application filed under...
Page 24 - small business concern" shall have the same meaning as in the "Small Business Act" » * * (c) War Claims Act of 1948, as amended. SEC. 213 (a). The Secretary of the Treasury shall pay out of the War Claims Fund on account of awards certified by the Commission pursuant to this title as follows and in the following order of priority: (1) Payment in full of awards made pursuant to section...
Page 26 - Federal tax benefit shall be the amount by which the taxes for the renegotiated year under Chapters 1, 2A, 2B, 2D, and 2E of the Internal Revenue Code...
Page 25 - ... which shall bear to such unpaid balance the same proportion as the total amount in the fund available for distribution at the time such payments are made bears to the aggregate unpaid balance of all such awards.
Page 24 - Fund 5 per centum thereof as reimbursement to the Government of the United States for the expenses incurred by the Commission and by the Treasury Department in the administration of this title. The amount so deducted shall be covered into the Treasury to the credit of miscellaneous receipts.
Page 35 - ... from time to time on account of the unpaid balance of each award of interest which bear to such unpaid balance of interest the same proportion as the total amount available for distribution at the time such payments are made bears to the aggregate unpaid balance of interest of all such awards. (2)(A) For the purpose of computing the payments to be made under paragraph (1) to any claimant which was an incorporated business enterprise on the date of nationalization or other taking of property,...
Page 24 - ... (1) Out of sums covered after May 11, 1979, into the special fund created pursuant to this section to receive funds paid by the People's Republic of China, the Secretary of the Treasury is authorized and directed to make payments on account of awards certified by the Commission pursuant to title V with respect to claims included within the terms of the Agreement Between the Government of the United States of America and the Government of the People's Republic of China Concerning the Settlement...
Page 25 - ... which bear to such unpaid principal balance the same proportion as the total amount available for distribution at the time such payments are made bears to the aggregate unpaid principal balance of all such awards.
Page 35 - USCS §§ 1643 et seq.] shall be reduced by the amount of Federal tax benefits derived by such claimant on account of the losses upon which such claim was based, but in no case shall such payments be reduced below the amount paid to such claimant on account of such claim before the date of the enactment of this subsection [enacted Oct.