Foreign Investment Incentive Act: Hearings Before the Committee on Ways and Means, House of Representatives, Eighty-sixth Congress, First Session, on H.R. 5, a Bill to Amend the Internal Revenue Code of 1954 to Encourage Private Investment Abroad and Thereby Promote American Industry and Reduce Government Expenditures for Foreign Economic Assistance, July 7, 8, and 9, 1959Considers H.R. 5, the Foreign Investment Incentive Tax Act of 1959, to provide tax incentives to encourage capital investment and trade expansion with developing countries, especially by small businesses. |
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Common terms and phrases
amendment American business assets base companies believe benefit Boggs bill Brazil business abroad CHAIRMAN committee competition Corp dividends dollars domestic corporation effect enactment encourage enterprise expand favor firms foreign aid foreign business corporation foreign corporation foreign countries foreign economic foreign income foreign investment foreign operations foreign subsidiaries foreign tax credit foreign trade free world funds Hale Boggs Hemisphere trade corporation holding company important increase industry Internal Revenue Code investors KEARNS Latin America legislation limitation manufacturing markets ment million nations operating abroad overseas percent permit present problem profits proposed question reinvested result revenue loss RUSSELL BAKER Sears section 367 SIMPSON statement tax deferral tax haven tax incentives tax laws tax rate tax sparing tax treaties taxable taxation taxpayer tion Treasury Department U.S. business U.S. corporation U.S. foreign business U.S. income tax U.S. tax underdeveloped countries United vice president Western Hemisphere trade
Popular passages
Page 3 - Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954.
Page 6 - In section 332, 361, 364, 355, 356, or 361, a foreign corporation shall not be considered as a corporation unless, before such exchange. It has been established to the satisfaction of the Secretary or his delegate that such exchange Is not In pursuance of a plan having as one of its principal purposes the avoidance of Federal Income taxes. For purposes of this section, any distribution described In section 355 (or so much of section 356 as relates to section 355) shall be treated as an exchange whether...
Page 58 - A statement setting forth the various classes of stock outstanding, the name and address of each shareholder, the class and number of shares held by each on the date of payment of the dividend with respect to which the claim...
Page 137 - Be it enacted by the Senate and Bouse of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Housing Amendments of 1957".
Page 391 - In the case of a domestic corporation engaged in business in a foreign country, its assets and liabilities (other than capital assets) recorded on its books in terms of the foreign currency, should be appraised in dollars (whether actually converted or not) at the close of each taxable year in which it is engaged in active business at the current or market rate of exchange, if any, then prevailing. (But see ARB 15, 3-20-682.)" (Italics supplied.) Under this version of the balance sheet method, all...
Page 14 - In the case of a foreign corporation the deductions shall be allowed only if and to the extent that they are connected with income from sources within the United States ; and the proper apportionment and allocation of the deductions with respect to sources within and without the United States shall be determined as provided in section 119, under rules and regulations prescribed by the Commissioner with the approval of the Secretary. (b) CHARITABLE, AND so FORTH, CONTRIBUTIONS. — The so-called "charitable...
Page 5 - ... of such plan year shall be deemed to have been made on the last day of such year.
Page 16 - For purposes of this subpart and of sections 164(a) and 275 (a), the term "income, war profits, and excess profits taxes shall include a tax paid in lieu of a tax on income, war profits, or excess profits otherwise generally imposed by any foreign country or by any possession of the United States.
Page 15 - Code, and the regulations thereunder, or under the provisions of an applicable tax convention, shall not be included in the gross income of a nonresident alien individual.
Page 300 - The challenge to America is to exert the necessary leadership for successfully directing its capabilities to the maintenance of freedom and peace. The United States must demonstrate to the world that a dynamic, expanding, competitive capitalism is a major factor contributing to the more abundant life that people everywhere are seeking. For an economy to be dynamic and expanding, goods and capital must flow freely. This requires world trade and world investment, with governments encouraging private...