General Tax Reform (testimony from Administration and Public Witnesses) Public Hearings, Ninety-third Congress, First Session...
U.S. Government Printing Office, 1973
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allowed American amount annual appreciated appreciated property assets Association believe benefit bequests Board California capital Chairman Mills changes charitable deduction charitable gifts Chicago colleges and universities Committee Community Company concerned Congress continue contributions corporation cost Council distribution dollars donor effect endowment estate tax Federal Foundation funds gain gifts giving grants higher education Hospital important incentives income increase independent individuals institutions interest investment Irvine James Irvine less letter to Chairman letter to John limit loans major market value Martin Means Medical million operations organizations percent present President proposals question reason received reduce remainder reported represent result rule schools securities society sources statement substantial Table tax laws Tax Reform tion trust voluntary support
Página 5547 - Wherever, at the head of some new undertaking, you see the government in France, or a man of rank in England, in the United States you will be sure to find an association.
Página 5920 - The value of the stock of a closely held investment or real estate holding company, whether or not family owned, is closely related to the value of the assets underlying the stock. For companies of this type the appraiser should determine the fair market values of the assets of the company. Operating expenses of such a company and the cost of liquidating it, if any, merit consideration when appraising...
Página 5920 - For these reasons, adjusted net worth should be accorded greater weight in valuing the stock of a closely held investment or real estate holding company, whether or not family owned, than any of the other customary yardsticks of appraisal, such as earnings and dividend paying capacity.
Página 5547 - Americans of all ages, all conditions, and all dispositions constantly form associations. They have not only commercial and manufacturing companies, in which all take part, but associations of a thousand other kinds — religious, moral serious, futile, general or restricted, enormous or diminutive. The Americans make associations to give entertainments, to found...
Página 5653 - Mr. Chairman and members of the Committee, thank you again for this opportunity to present our views. We ask that any new tax law continue the...
Página 5689 - Those who argue for the benefits secured to society by great fortunes invested in great businesses should note that such a tax does not affect the essential benefits that remain after the death of the creator of such a business. The mechanism of production that he created remains. The benefits of corporate organization remain. The advantage of pooling many investments in one enterprise remains. Governmental privileges such as patents remain. All that is gone is the initiative, energy, and genius...
Página 5913 - Are there any other members of the panel who would like to say anything ? Mr.
Página 5652 - Private philanthropy plays a special and vital role in our society. Beyond providing for areas into which government cannot or should not advance (such as religion), private philanthropic organizations can be uniquely qualified to initiate thought and action, experiment with new and untried ventures, dissent from prevailing attitudes, and act quickly and flexibly.
Página 5952 - A trustee must fulfill the purpose of the trust, as declared at its creation, and must follow all the directions of the truster given at that time, except as modified by the consent of all parties interested, in the same manner, and to the same extent, as an employee.
Página 5705 - ... for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statement of...