Word: taxed
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Dates: during 1930-1939
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...high personal surtaxes which Mr. Bache would have had to pay if he received it directly. From his company he borrowed $2,300,000 in 1932 and in 1934 the interest which he then paid the company canceled out his remaining U. S. income, thereby making him virtually income-tax-free. He also formed a Bahama corporation to hold his stock interest in Canadian mines. Said Mr. Irey: "Mr. Bache apparently acted with an honest conviction that he was within his legal rights in utilizing foreign corporations as he did. We therefore cite this case not in criticism...
...HUDSON, onetime member of the New York Stock Exchange, owns 78% of a company in Newfoundland, the rest belonging to his brother and a close friend. Last year he lost $130,000 on the sale of securities. According to the income tax law a taxpayer cannot deduct losses beyond $2,000 unless they are balanced by corresponding profits. Rather than let his loss (tax credit) go to waste, Mr. Hudson sold other securities to his Newfoundland company for a profit of $130,000. Later if and when that company sells those securities it will not have any taxable profit...
...LAUGHTON. British actor (The Private Life of Henry VIII, Rembrandt), has all his earnings in Hollywood assigned to his British holding company which pays him a salary of $20,000 a year. His earnings were some $190,000 in 1935 and although his British holding company paid a tax to the U. S. he had a considerable tax saving. Said Mr. Irey: "The conduct of Mr. Laughton in this instance may be perfectly legal. The case however is cited as another illustration...
...Magill explained that the Treasury was not yet sure of its facts in other cases. So unprepared was it for a real red-hot millionaire hunt that foes of the Administration caught the ear of the press with some tax questions of their own. Republican Representative Hamilton Fish went so far as to ask questions about two of his constituents. Did Squire Franklin Delano Roosevelt of Hyde Park,* did Squire Henry Morgenthau of Fishkill, report their gentlemen-farming costs as business expenses in the "unethical" fashion in which other rich men treated racing stables, chicken farms, and yachts? Mrs. Roosevelt...
Embarrassed were some Treasury officials when members of the Congressional Committee pointed out that when the last tax bill was framed they and the State Department had urged Congress to fix at 10% instead of 22% the tax on U. S. income going to foreigners. Not one of these was Mr. Magill, but he had embarrassments of his own. As a special Treasury adviser he had a large hand in making the tax bill of 1934 whose loopholes he is now pointing out. Moreover, before becoming Under Secretary, he was a professor at Columbia University and wrote several learned books...