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Topic: Revenue Act of 1932


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  Revenue Act of 1932 - Wikipedia, the free encyclopedia
The Revenue Act of 1932 (June 6, 1932, ch.
Internal Revenue: 1861 1862 • 1864 • 1913 • 1916 • 1917 • 1918 • 1921 • 1924 • 1926 • 1928 •
This United States federal legislation article is a stub.
en.wikipedia.org /wiki/Revenue_Act_of_1932   (128 words)

  
 Revenue Revision Studies, 1937: Excise Taxes (cont.)
The tax was revived by section 610 of the Revenue Act of 1932, effective June 21, 1932, which imposes a tax on the sale of firearms, shells, and cartridges by the manufacturer, producer, or importer, at the rate of 10 per cent of the price for which sold.
Section 900(7) of the Revenue Act of 1918, effective February 25, 1919, continued the tax on cameras but extended the scope of the tax to include the lease of cameras and increased the rate of tax to 10 per cent of the price for which sold by the manufacturer, producer, or importer.
Section 602(a) of the Revenue Act of 1921, effective January 1, 1922, imposed a tax at the rate of 2 cents a gallon on all beverages derived wholly or in part from cereals or substitutes therefor, containing less than one-half of one per cent of alcohol by volume, sold by the manufacturer, producer, or importer.
www.taxhistory.org /Civilization/Documents/Surveys/hst23734/23734-7.htm   (5881 words)

  
 [No title]
Revenue Act of 1916 The Revenue Act of 1916 was primarily concerned with raising revenue through a general increase in the marginal tax rates applicable to individuals.
Revenue Act of 1918 The Revenue Act of 1918 was one of the largest tax increases in American history.
Revenue Act of 1924 The Revenue Act of 1924 corrected the imbalance in the tax treatment of long-term capital losses created by the 1921 Act, by establishing a symmetrical treatment between long-term gains and losses.
countingcalifornia.cdlib.org /crs/ascii/98-473   (5326 words)

  
 Revenue Revision Studies, 1937: Excise Taxes (cont.)
In view of the substantial revenue derived and since the administration has reached the point where but little difficulty is to be expected in the collection of the tax, it is the opinion of the Bureau that the instant tax on lubricating oil should be continued.
Section 1200(a) of the Revenue Act of 1926, repealed the tax imposed by section 600(3) of the Revenue Act of 1924, on tires and inner tubes, effective as of February 26, 1926.
The tax was revived, effective June 21, 1932, by section 604 of the Revenue Act of 1932 in the same form as imposed under the Revenue Act of 1918.
www.tax.org /thp/Civilization/Documents/Surveys/hst23734/23734-5.htm   (4852 words)

  
 [No title]
The term "highway" as defined in the Federal Highway Act approved November 9, 1921, as amended and supplemented, for the purposes of this section, shall be deemed to include such main parkways as may be designated by the State and approved by the Secretary of Agriculture as part of the Federal-aid highway system.
Section 761 of the Revenue Act of 1932 is further amended by striking out "and on July 1, 1933" and inserting in lieu thereof "and on July 1, 1933, and on July 1, 1934,".
(d) The provisions of sections 115, 771 to 774, inclusive, and 1111 of the Revenue Act of 1932 shall be applicable with respect to the tax imposed by this section.
newdeal.feri.org /acts/US11.htm   (2282 words)

  
 Gasoline Excise Taxes, 1933-2000 - Statistical Data Included Statistics of Income Bulletin - Find Articles
Revenues are currently 170 times the amount generated in 1933, the first year of the Federal gasoline excise tax.
The Revenue Act of 1932 was passed by Congress to uphold U.S. credit and balance the Federal Budget [3].
The Act instituted a Federal excise tax on gasoline of 1 cent per gallon and reinstated a whole series of excise taxes that had been in effect during World War I, and a few of which are still in effect.
www.findarticles.com /p/articles/mi_m2893/is_3_20/ai_77608442   (849 words)

  
 US CODE: Title 26,1052. Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of the Revenue Act of 1932 was prescribed by section 113(a)(6), (7), or (9) of such Act (47 Stat.
If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1936, and the basis thereof, for purposes of the Revenue Act of 1934, was prescribed by section 113(a)(6), (7), or (8) of such Act (48 Stat.
www.law.cornell.edu /uscode/26/usc_sec_26_00001052----000-.html   (207 words)

  
 US CODE: Title 26,1052. Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
Revenue Act of 1932, referred to in section catchline and subsec.
Revenue Act of 1934, referred to in section catchline and subsec.
Prior to the enactment of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], the 1939 Code was classified to former Title 26, Internal Revenue Code.
www.law.cornell.edu /uscode/26/usc_sec_26_00001052----000-notes.html   (271 words)

  
 Excise Taxes
Although the National Industrial Recovery Act (1933) moved this date ahead a year, objections to three of the taxes -- those on soft drinks, candy, and pleasure boats -- became so strong that they were repealed by the 1934 Revenue Act.
The other taxes levied by he 1932 Act and which may be included in the amusement or recreation group are collected from the manufacturer or importer (except the short-lived tax on the use of large pleasure boats).
With respect to the other commodities taxed by the 1932 Revenue Act, the amount of space necessary to give even the briefest adequate description of them is far out of proportion to their importance as sources of revenue.
www.tax.org /THP/Civilization/Documents/Excise/hst8678.htm   (3861 words)

  
 History of US tax law
A new revenue act is passed increasing taxes on incomes in excess of $ 1 million per year to a rate of 77%.
The Joint Tax Committee Staff estimates that the 1978 revenue cost of the Foreign Earned Income Act will be $ 412 million, compared with $ 194 million had the 1976 Act provisions applied that year, and $ 538 million had the law which had been in effect prior to the 1976 Act applied.
Revenue Ruling 90-79 provides that a loss on a foreign currency mortgage cannot be used to offset taxable gain on the sale of a house in a foreign country.
www.aca.ch /hisustax.htm   (3869 words)

  
 .: All American Patriots :.   (Site not responding. Last check: 2007-11-01)
The National Industrial Recovery Act (NIRA) was enacted by Congress in June 1933 and was one of the measures by which President Franklin D. Roosevelt sought to assist the nation's economic recovery during the Great Depression.
The act further called for industrial self-regulation and declared that codes of fair competition—for the protection of consumers, competitors, and employers—were to be drafted for the various industries of the country and were to be subject to public hearings.
Section 761 of the Revenue Act of 1932 is further amended by striking out "and on July 1 1933 " and inserting in lieu thereof "and on July 1, 1933, and on July 1, 1934,".
www.allamericanpatriots.com /m-wfsection+print+articleid-358.html   (3100 words)

  
 CRS Report: RL30304 - The Federal Excise Tax on Gasoline and the Highway Trust Fund: A Short History - NLE
Under Section 303(a)(6) of this Act, the scheduled reduction in the rate of this tax to one and one-half cents per gallon was deferred from September 30, 1972, to September 30, 1977.
Revenues collected from this 6.8-cent portion of the tax were placed in the General Fund of the United States Treasury.
This act provided that the 0.1 cent per gallon tax will terminate on the earlier of December 31, 1991, or when the Secretary of the Treasury determines that taxes equivalent to at least $500 million in net revenues are in the Trust Fund.
ncseonline.org /NLE/CRSreports/Transportation/trans-24.cfm?&...   (5604 words)

  
 Revenue Act - Wikipedia, the free encyclopedia
A number of tax-related laws enacted by the United States Congress have been called the Revenue Act:
The Revenue Act of 1764 was a law passed by Great Britain to enforce the provisions of the 1733 Sugar and Molasses Act.
This is a disambiguation page: a list of articles associated with the same title.
en.wikipedia.org /wiki/Revenue_Act   (109 words)

  
 op5b
U.S. Congress enacts the Revenue Act of 1861 to pay for what is anticipated to be a short civil war.
The Conference Committee Report on the Tax Reform Act of 1976 indicates an anticipated revenue gain of $ 44 million in 1977 and $ 38 million annually thereafter as a result of the amendments of section 911.
No tax credit will be given for taxes paid abroad on excluded income, and there will be no exclusion for income received outside of the foreign country in which earned if one of the purposes is to avoid local income tax abroad.
www.aca.ch /op5b.htm   (3865 words)

  
 CRS Report RS21521 - Gasoline Excise Tax ? Historical Revenues: Fact Sheet - NLE Abstract
Abstract: The federal government first imposed a gasoline excise tax with the passage of the Revenue Act of 1932.
It was not until 1956, when Congress established the Highway Trust Fund, that revenue receipts from the gasoline tax were dedicated to a trust fund for highway programs.
Subsequently, in response to large federal budget deficits, Congress returned a portion of the gasoline excise tax to general revenues (from December 1990 until October 1997).
www.cnie.org /NLE/CRS/abstract.cfm?NLEid=229   (275 words)

  
 AEH: AMER.MACRO: A Reconsideration of the Revenue Act of 1932   (Site not responding. Last check: 2007-11-01)
AEH: AMER.MACRO: A Reconsideration of the Revenue Act of 1932
This paper argues, however, that conventional wisdom about fiscal policy did not apply at this time because of the policy constraints imposed by the interwar gold exchange standard and the public's antipathy toward government deficits.
Bibliography: Zalewski, David A. "A Reconsideration of the Revenue Act of 1932." Providence College, Working Paper 2002.
eh.net /pipermail/abstracts/2002-March/000318.html   (169 words)

  
 JEC Press Release   (Site not responding. Last check: 2007-11-01)
The top personal income tax rate was raised from 25 percent in 1931 to 63 percent under the 1932 Act, more income was exposed to the income tax, and the estate tax burden was more than doubled.
The salient provisions of the 1932 Act moved in exactly the opposite direction as the recent tax relief legislation passed in 2001, 2002, and 2003.
However, many of the critics of the recent tax relief legislation advocate increases in tax rates reminiscent of those contained in the 1932 Revenue Act, even as they exaggerate the degree of recent economic weakness.
www.house.gov /jec/press/2003/11-05-03.htm   (367 words)

  
 Higgins v. Smith (1940)
of the revenue act concerning the reckoning of gain or loss upon a closed
administering the various revenue acts for years after it was issued.
adoption of @ 24 (a) (6) of the Revenue Act of 1934.
www.independentdealer.com /library/library18.asp   (4837 words)

  
 When did the Federal Government begin collecting the gas tax? - Ask the Rambler - Highway History - FHWA
The House approved the Revenue Act on Saturday, June 4, in what The New York Times characterized as a "stormy session." Despite objections to elements of the bill, including the gas tax, the bill was adopted by voice vote.
During the period the Revenue Act was under consideration, Secretary Mills was involved with several bills to accomplish the President's goals of reduced expenditures, increased receipts, and a balanced budget.
The Revenue Act of 1951 (October 21, 1951) increased the gas tax to 2 cents as a revenue source during the Korean War that began in June 1951, with the increase to be repealed on April 1, 1954.
www.fhwa.dot.gov /infrastructure/gastax.cfm   (4672 words)

  
 U.S. Senator Russ Feingold on the Hardrock Depletion Act
The Revenue Act of 1926 established percentage depletion much in its present form for oil and gas.
The percentage depletion allowance was then extended to metal mines, coal, and other hardrock minerals by the Revenue Act of 1932, and has been adjusted several times since.
One fourth of the revenue raised by the bill, or approximately $120 million dollars, would be deposited into an interest bearing fund in the Treasury to be used to clean up abandoned hardrock mines in states that are subject to the 1872 Mining Law.
feingold.senate.gov /statements/03/01/2003010707.html   (949 words)

  
 1932 - dKosopedia
Great Depression: Frederick Louis Allen and William Manchester label 1932 "cruelest year." Deaths of children from malnutrition are reported in New York and San Francisco.
Friend of conservative politicians in Britain and white minority ruled Rhodesia, Salazar insists on holding all of Portuguese overseas empire.
Herbert Hoover signs Revenue Act of 1932, rate of the top income tax bracket increased from 25% to 63%.
www.dkosopedia.com /wiki/1932   (234 words)

  
 [No title]   (Site not responding. Last check: 2007-11-01)
Technical and Miscellaneous Revenue Act of 1988 \par \pard \s4 \sb180\li720\fi-360 {\*\bkmkstart 904.XIV.C da}{\*\bkmkend 904.XIV.C da}C. Rate Differential Rule \par \pard \s5 \li1080\fi-360 {\*\bkmkstart 904.XIV.C.1 da}{\*\bkmkend 904.XIV.C.1 da}1.
Revenue Reconciliation Act of 1990 \par \pard \s4 \sb180\li720\fi-360 {\*\bkmkstart 904.XIV.D da}{\*\bkmkend 904.XIV.D da}D. Foreign Source Capital Losses \par \pard \s5 \li1080\fi-360 {\*\bkmkstart 904.XIV.D.1 da}{\*\bkmkend 904.XIV.D.1 da}1.
Revenue Reconciliation Act of 1990 \par \pard \s4 \sb180\li720\fi-360 {\*\bkmkstart 904.XIV.E da}{\*\bkmkend 904.XIV.E da}E. Proposed Regulations--Capital Gain and Loss Adjustments \par \pard \s3 \sb180\li360\fi-360 {\*\bkmkstart 904.XV.
www.bna.com /tm/docs/904_TOC.doc   (2735 words)

  
 GP Solo & Small Firm Lawyer - January/February 1999   (Site not responding. Last check: 2007-11-01)
Another similarity between the estate tax and gift tax is the availability of the unified credit.2 The unified credit is available to all citizens and residents of the United States and may be taken against the tax that would be imposed under either the estate or gift tax system.
The Taxpayer Relief Act of 1997 revised the statute of limitations for reassessing the value of property.
Now, if a gift tax return is filed, the IRS cannot reevaluate the value of the property after the statute of limitations runs out, generally after three years.11 It is anticipated that this will increase the number of gift tax returns filed annually as people make taxable gifts to start the statute of limitations running.
www.abanet.org /genpractice/lawyer/complete/99janoneil.html   (2301 words)

  
 1932   (Site not responding. Last check: 2007-11-01)
1932 is a leap year starting on Friday.
June 6 - The Revenue Act of 1932 enacted creating the first gas tax in the United States (1 cent per gallon sold).
While contemporary nominating conventions have lost nearly all of their political importance, becoming instead an extended infomercial designed to promote long-ago-selected presidential candidate, such was not always the case.
www.freeglossary.com /1932   (1922 words)

  
 1932
June 6 - The Revenue Act of 1932 is enacted, creating the first gas...
Here is a sampling of the 2004 activities for Troop 1932:.
In 1932, the Soviets increased the grain procurement quota for Ukraine...
www.plexxa.com /s/1932   (133 words)

  
 AEI - Short Publications   (Site not responding. Last check: 2007-11-01)
Included in the Act was a series of excise taxes, designed to raise revenue in the short term, many of which were set to expire in 1934.
Cheap paper matches in books, for example were taxed at a rate of 0.5 cents per 1,000, while those who insisted on lighting their candles with "fancy wooden matches" would have to consider the 5 cents per 1000 matches rate at which these luxury matches were taxed.
For the federal government to enact taxes to raise emergency funds for wars or the Depression is not without precedent, but these taxes typically come off the books when the immediacy of the revenue crunch subsides.
www.aei.org /publications/filter.economic,pubID.23046/pub_detail.asp   (940 words)

  
 NCPA Tax Policy - Debt Reduction, or Tax-Cuts and Growth?   (Site not responding. Last check: 2007-11-01)
As a result, federal revenues collapsed from $4.1 billion in 1930 to $1.9 billion in 1932, causing the budget to go from a surplus in 1930 to a deficit of $2.7 billion 1932, equivalent to 4.6 percent of GDP (see figure).
Horrified by the rise in the deficit, Republican President Herbert Hoover's ill-advised reaction was to ram through one of the largest tax increases in American history.
The Revenue Act of 1932 raised tax rates across the board, with effective tax rates on middle income taxpayers rising more than 10 times.
www.ncpa.org /pi/taxes/pdtx170.html   (486 words)

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