Bulletin of the Treasury Department: June, 1940 (Classic Reprint)

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Excerpt from Bulletin of the Treasury Department: June, 1940Under the Revenue Acts of 1913 and 1916 intercorporate dividends were fully taxable: under the acts of 1918 1934 they were fully exempt. The act of 1917 provided the transition by stipulating that dividends received in 1917 from earnings of the period March 1. 1913. Through 1915 were taxable at the rate imposed by the 1913 act. And those received 'in 1917 from 1916 and 1917 earnings were taxable at the rate of the 1916 act. Dividends received in the taxable year 1918 and in all subsequent taxable years beginning prior to January 1, 1986 were exempt from tax.corporations with net incomes of more than a similar exemption was allowed with respect to what in effect was a basic tax rate of 165 percent. The entire amount of intercorporate dividends, however, was included in the tax base subject to what in effect amounted to an undistributed profits tax of 2% percent on undistributed net income.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.