Word: forde
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Dates: during 1920-1929
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...weeks, in Detroit, and then through last week in Washington, lawyers have asked questions concerning cars and a man (TIME, Jan. 17, THE CABINET). What they drew out of the mouths of sworn witnesses was the saga of Henry Ford, motorcar maker, and his Ford Motor...
Beginning. In 1919 minority stockholders in the Ford Motor Co., including Senator James Couzens of Michigan, sold their shares to Henry Ford for about $12,500 a share. They had to prefer him to outsiders, if he wanted their securities, according to a company bylaw. He did want their stocks. But before they sold they asked Daniel C. Roper, then U. S. Commissioner of Internal Revenue, to evaluate their stocks for purpose of income tax. Commissioner Roper did them the favor; judged each share of Ford Motor Co. stock to be worth $9,489 in 1913, the year from which...
Government Contention. Secretary of the Treasury Andrew W. Mellon has decided that in 1913 Ford stock was worth between $2,500 and $5,500 a share. If so, the minority stockholders who sold in 1919 owe the Government back income taxes of $15,000,000 to $30,000,000, as may decide the Special U. S. Board of Tax Appeals that has been sitting in Washington. Commissioner of Internal Revenue Daniel C. Roper had no authority to do Ford company stockholders the favor of estimating the tax value of their property. In fine, the Government has never officially decided what...
...original tax value be now revised? 2) If so, what was the original tax value of Ford Motor Co. stock...
From the mass of testimony, some bits which stand out in retrospect are: Mr. Ford. "Mr. Ford is the strangest, most perplexing combination. Take his book on Henry Ford-one chapter reveals uncanny judgment, and the next is composed of the most utter rot. He was the company's greatest asset and also the greatest risk. He insisted on policies that were untried and which were against the consolidated judgment of other men in the automobile industry. Now that he has been so successful we can see that his judgment was sound. There was the question of the life...