Document Type
Article
Publication Date
1938
Abstract
The committee on federal taxation respectfully submits its recommendations for revision of the federal revenue law, emphasizing the following vital proposals: 1. The creation of a qualified, nonpartisan commission to determine a permanent policy of federal taxation will stimulate business. 2. To equalize the tax burden, particularly between normally steady incomes and violently fluctuating earnings, the general principle of carrying forward losses should be restored. 3. Consolidated returns should be made mandatory and, as a corollary, the taxation of intercorporate dividends should be repealed. 4. The principle of the undistributed-profits tax should be discarded. 5. If retained, the capital-stock tax should provide for annual redeclarations, and the excess-profits tax should exclude capital gains and losses. 6. Capital gains and losses should be segregated, taxed independently at a flat moderate rate, without distinction between short-term and long-term holdings, and with a carry-over of capital net losses. 7. The provisions governing the last-in, first-out inventory method should be broadened. 8. The time for filing federal income-tax returns should be fixed at the fifteenth day of the fourth month following the close of the taxable year.
Relational Format
pamphlet
Recommended Citation
American Institute of Accountants. Committee on Federal Taxation and Stempf, Victor H., "Proposed changes in the federal revenue law: A memorandum submitted to the United States Treasury Department, September 1, 1938" (1938). Publications of Accounting Associations, Societies, and Institutes. 39.
https://egrove.olemiss.edu/acct_inst/39