The Undistributed Profits Tax

The Undistributed Profits Tax

The Undistributed Profits Tax

The Undistributed Profits Tax

Excerpt

The present small volume is the outgrowth of a study of the corporation income tax which was begun some time before President Roosevelt proposed the recently adopted Undistributed Profits Tax. It is not intended to be an exhaustive study of this tax. Such a treatise must await the lessons which will be learned from the collection of the Undistributed Profits Tax and research in the history and problems of the taxation of undistributed profits in foreign countries. The attempt is made here to describe the features of the new tax law, to state some of the economic and fiscal problems of the Undistributed Profits Tax, and to appraise it tentatively as a member of the federal tax system.

The conclusions that are stated may require modification as experience is gained in the operation of the new Undistributed Profits Tax. No effort has been made to analyze the accounting and legal problems of this tax, which call for separate inquiries, or to examine the desirability of the federal expenditures that are to be supported by the receipts of the Undistributed Profits Tax. In the analysis of the various issues arising, some repetition of the evidence and conclusions has appeared to be desirable in making clear the pattern of thought.

The author has received invaluable assistance from many persons in this study. To several persons he wishes to acknowledge his particular indebtedness. Among those who have read the manuscript and have offered constructive criticism are Professor Robert W. Harbeson of Rutgers University, Dr. L. Douglas Meredith, Investment Counsel . . .

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