Présentation de l'éditeur
The answer to this was that the mutual companies made large profits which should be treated as income and that the corporation tax law, which is now practically merged in the federal income tax law, had provided for a tax on such profits. The contention in favor of total exemption did not appeal to the majority of the House, but there was another question which gave rise to a great deal of animated discussion and is likely to be a subject of controversy when the bill reaches theS enate, viz: ARE POLICY DIVIDENDS INCOME? The varying views which arose as to whether the so-called dividends returned to policyholders by mutual life insurance companies should be treated as a deduction from gross income may be classified under three heads: 1st. That such dividends should be deducted on the ground that they were simply returns of overcharges. 2nd. That the whole of the dividends paid to policyholders should be included in income, on the ground that they represent profits. 3rd. That so much of the dividends as represented return of premium payment should be deducted; but so much as represented net earnings or profit should be taxed.
(Typographical errors above are due to OCR software and don't occur in the book.)
About the Publisher
Forgotten Books is a publisher of historical writings, such as: Philosophy, Classics, Science, Religion, History, Folklore and Mythology.
Forgotten Books' Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the aged text. Read books online for free at www.forgottenbooks.org
Présentation de l'éditeur
Leopold Classic Library is delighted to publish this classic book as part of our extensive collection. As part of our on-going commitment to delivering value to the reader, we have also provided you with a link to a website, where you may download a digital version of this work for free. Many of the books in our collection have been out of print for decades, and therefore have not been accessible to the general public. Whilst the books in this collection have not been hand curated, an aim of our publishing program is to facilitate rapid access to this vast reservoir of literature. As a result of this book being first published many decades ago, it may have occasional imperfections. These imperfections may include poor picture quality, blurred or missing text. While some of these imperfections may have appeared in the original work, others may have resulted from the scanning process that has been applied. However, our view is that this is a significant literary work, which deserves to be brought back into print after many decades. While some publishers have applied optical character recognition (OCR), this approach has its own drawbacks, which include formatting errors, misspelt words, or the presence of inappropriate characters. Our philosophy has been guided by a desire to provide the reader with an experience that is as close as possible to ownership of the original work. We hope that you will enjoy this wonderful classic book, and that the occasional imperfection that it might contain will not detract from the experience.
Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.
