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Topic: Revenue Act of 1950

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Taxation in the United States

Economic Growth and Tax Relief Reconciliation Act of 2001

	Truman Library - John W. Snyder Oral History Interview, July 2, 1969
		A tax revision bill, House Bill 8920, was passed by the House on June 29, 1950, but developments in Korea led to substantial changes in the bill and the Revenue Act of 1950 was not approved, finally, until September the 23rd 1950, which was in fiscal year 1951.
		This revenue bill was not quite up to what it should have been, but it at least made a step towards meeting the Korean expenditures that were, of course, at that time, completely unpredictable.
		The two major revenue acts that were enacted that year were the Revenue Act of 1950 and the Excess Profits Tax Act of 1950.
	www.trumanlibrary.org /oralhist/snyder43.htm (1670 words)

	revrul62-183
		Thus, the situation presented by the facts in the instant case is not one of the type intended to be covered by the legislation enacted in 1950.
		The provisions of Part 2(r) of Revenue Ruling 61-157, C.B. 1961-2, 67, govern the manner in which the savings account is to be conducted in order to be consistent with the exemption requirements under section 401(a) of the Code.
		It is there pointed out that the primary purpose of benefiting employees or their beneficiaries must be maintained with respect to the investment of trust funds as well as in other activities of the trust.
	www.taxlinks.com /rulings/1962/revrul62-183.htm (939 words)

	Truman Library - John W. Snyder Oral History Interview, August 25, 1969
		The Revenue Act of 1950 was the first general stabilization measure to be adopted and put into effect after the beginning of the Korean war.
		In 1950 revenue legislation was facilitated by the fact that the tax structure, which had been developed during the preceding years, permitted the increased rates to become effective almost immediately by virtue of the current payment system and the system of withholding income taxes as salary and wage income is received.
		of 1950 proposed a tax of 30 percent on corporation profits in excess of 85 percent of the average three highest base period years 1946 to 1949 to be effective for a period of three years, July 1950 to June 30, 1953.
	www.trumanlibrary.org /oralhist/snyder46.htm (7854 words)

	Federal-Aid Highway Act of 1956: Creating the Interstate System
		Acting on a suggestion by Secretary of Treasury George Humphrey, Rep. Boggs included a provision that credited a revenue from highway user taxes to a Highway Trust Fund to be used for the highway program.
		The act prohibited the secretary from apportioning funds to any state permitting excessively large vehicles - those greater in size or weight than the limits specified in the latest AASHO policy or those legally permitted in a state on July 1, 1956, whichever were greater - to use the interstate highways.
		The 1956 act also resolved one of the most controversial issues by applying the Davis-Bacon Act to interstate construction projects, despite concerns that the cost of the projects would be increased.
	www.fhwa.dot.gov /infrastructure/rw96e.htm (5455 words)

	SCHEDULE
		The Bombay Khoti Abolition Act, 1950 (Bombay Act VI of 1950).
		The Bombay Paragana and Kulkarni Watan Abolition Act, 1950 (Bombay Act LX of 1950).
		The Goa, Daman and Diu Agricultural Tenancy Act, 1964 (Goa, Daman and Diu Act 7 of 1964).
	www.constitution.org /cons/india/shed09.htm (4343 words)

	THE IMPORTS AND EXPORTS (CONTROL) ACT 1950 (Appendix 2.1) (Site not responding. Last check: 2007-10-14)
		Notwithstanding anything contained in the aforesaid Act the Federal Government may, by order published in the official Gazette, prohibit, restrict or impose conditions on the clearance whether for home consumption or warehousing or shipment abroad of any imported goods or class of goods.
		All orders made under section 3 of the Imports and Exports (Control) Act, 1947, and in force immediately before the commencement of this Act, shall so far as they are not inconsistent with the provisions of this Act, continue in force and shall be deemed to have been made under this Act.
		Act XVIII of 1947 and Ordinance 1 of 1950 repealed.-- The Imports and Exports (Control) Act, 1947, and the Imports and Export (Control) Ordinance, 1950, are hereby repealed.”
	www.epb.gov.pk /epb/jsp/ebook/Appendix/html/app21.html (1125 words)

	Internal Revenue Manual - 7.27.4 Taxation of Unrelated Business Income
		Prior to enactment in the Revenue Act of 1950 of what are now IRC 511 through 515, the Service made numerous attempts to deny exemption to organizations which engaged in transparently profit-making activities on the ground that these organizations were not organized and operated exclusively for their stated exempt purpose.
		The Tax Reform Act extended this tax to virtually all tax-exempt organizations in order to end, according to the Report of the Committee on Ways and Means, the inequity in taxing certain exempt organizations and not taxing others equally apt to engage in unrelated business.
		However, the Revenue Act of 1951 remedied this omission and subjected these schools to the same treatment with respect to unrelated business income as applied to other colleges and universities which are exempt under IRC 501(c)(3).
	www.irs.gov /irm/part7/ch12s02.html (3108 words)

	GAO: (Site not responding. Last check: 2007-10-14)
		To head this office, the act establishes the position of Controller, an individual who is to possess "demonstrated ability and practical experience in accounting, financial management, and financial systems." This individual will handle day-to-day operations to ensure that financial operations are being properly carried out governmentwide.
		To correct this situation, the CFO Act mandates that agency CFOs are to develop and maintain agency financial management systems that comply with applicable accounting principles, standards, and requirements; internal control standards; and requirements of OMB, the Department of the Treasury, and others.
		As specified in the act, the CFO Council's functions are to advise agencies and coordinate their activities on financial management matters, such as (1) consolidating and modernizing financial systems, (2) improving the quality of financial data and information standards, (3) strengthening internal controls, and (4) developing legislation affecting financial operations and organizations.
	www.gao.gov /policy/12_19_4.htm (3313 words)

	[No title]
		The jurisdiction of this Court is invoked under 28 U.S.C. Sections 511 and 512 of the Internal Revenue Code (26 U.S.C.) are set forth in pertinent part in a statutory appendix (App., infra, 1a-3a).
		Petitioner is a corporation exempt from income tax as a "social club" under Section 501(c)(7) of the Internal Revenue Code, /1/ which grants tax-exempt status to "(c)lubs organized for pleasure, recreation, and other nonprofitable purposes" that meet certain other requirements.
		The statute continues to use the term "unrelated business taxable income" to describe the taxable income of social clubs simply because that was the term historically used with respect to other tax-exempt organizations to identify the base on which the unrelated business income tax was imposed.
	www.usdoj.gov /osg/briefs/1989/sg890178.txt (10379 words)

	Hearing Archives :Committee on Ways & Means :: U.S. House of Representatives :
		The following acts are of major consequence: establishment of the concept of federal income tax exemption in 1913; enactment of the charitable contribution deductions in 1917, 1921, and 1932; enactment of the unrelated business rules in 1950; and enactment of the public charity and private foundation definitions and rules in 1969.
		In the Revenue Act of 1918, the enumeration of tax-exempt charitable organizations was expanded to include those organized “for the prevention of cruelty to children or animals.”[7] The Revenue Act of 1921 further expanded the statute to exempt “any community chest, fund or foundation” and added “literary” groups to the list of exempt entities.
		The Revenue Act of 1987 brought taxes on public charities for engaging in excessive lobbying and political campaign activities, as well as fundraising disclosure requirements for noncharitable organizations.
	waysandmeans.house.gov /hearings.asp?formmode=view&id=2603 (4288 words)

	Since some of the materials which describe the $cientology cult could be considered to be
		The Internal Revenue Manual ("IRM") further provides: "The intent of Congress in allowing for the public inspection of the information governed by IRC 6104(a)(b) and (e) was to enable the public to scrutinize the activities of tax-exempt organizations and trusts.
		The Internal Revenue Manual provides: "The taxpayer's signature ordinarily constitutes an offer to agree (or is a constituent part thereof) and the signature for the Commissioner an acceptance and approval of the offer." IRM - Part IV, Audit, (10)31.
		Once executed by the Commissioner or Assistant Commissioner, a closing agreement and its terms are "adopted" by the IRS in the same manner a technical advice memorandum is. A closing agreement is comparable in purpose and effect to a technical advice memorandum, with the added consideration of finality.
	www.skepticfiles.org /sciento/sci156.htm (8215 words)

	Revenue Act of 1950 - Wikipedia, the free encyclopedia
		Over $95,000 has been donated since the drive began on 19 August.
		The United States Revenue Act of 1950 eliminated a portion of the individual income tax rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate from 38 percent to 45 percent.
		This page was last modified 15:05, 23 July 2005.
	en.wikipedia.org /wiki/Revenue_Act_of_1950 (92 words)

	COINAGE ACT, 1950 (Site not responding. Last check: 2007-10-14)
		The said Act shall apply to coins, issued under the repealed enactments or this Act, and for the purposes of such application:—
		(c) any coins or money purporting to be coins provided under section 5 or 6 of this Act and not being of the standard weight or not being of the standard composition prescribed by the said section 5 or 6 (as the case may be).
		In section 10 the reference to the Coinage Act, 1926, shall be construed as a reference to this Act.
	www.irishstatutebook.ie /gen321950a.html (260 words)

	Revenue Act of 1861 - Wikipedia, the free encyclopedia
		The 1861 Tax Act was passed but never put in force.
		Rates under the Act were 3% on income above $800 (adjusted for inflation: $16,609 in 2003 dollars [1]) and 5% on income of individuals living outside the U.S. Tax Acts of the United States
		This page was last modified 05:13, 1 April 2005.
	en.wikipedia.org /wiki/Revenue_Act_of_1861 (101 words)

	Comments on Budget Proposal to Tax the Investment Income of Section 501(c)(6) Organizations
		Where the revenues to fund those activities derive from is not the key issue.
		Without alternative forms of revenues, membership organizations may be forced to raise their dues — an action that would generate a currently deductible business expense and certainly vitiate any revenue-raising purpose behind the proposal.
		Finally, members of organizations exempt under other provisions of the Internal Revenue Code — associations the Administration does not propose to subject to the tax on investment income — may enjoy comparable tax benefit for their dues or other payments to the association.
	www.taxnews.com /tnn/tei/tei_doc_public.nsf/85256396005ac84685256244005d3a03/3d62540800b2b96585256a73005e726d?OpenDocument (1249 words)

	Andrews Kurth - "Unrelated Business Taxable Income from Rental of Real Estate: Parking (Site not responding. Last check: 2007-10-14)
		The legislative history of the Revenue Act of 1950 and the Tax Reform Act of 1969 distinguish between the rental of real property and the operation of unrelated trades or businesses, such as parking lots.
		The Internal Revenue Service ("Service") has considered in general counsel memoranda, private rulings and technical advice memoranda the treatment of parking in connection with the activities of and investments by exempt organization.
		The 1950 committee reports' reference to rents as traditional and proper passive income presumably uses quotation marks around the word "passive," to clarify that "passive income" describes a traditional activity, not an active/passive test.
	www.akllp.com /Page.aspx?Doc_ID=1340 (6616 words)

	revrul57-87 (Site not responding. Last check: 2007-10-14)
		However, section 204 of the Revenue Act of 1950 amended section 23 of the 1939 Code by adding a new subsection (bb) to provide for the deduction of expenditures (with certain exceptions) to establish, maintain, or increase the circulation of a newspaper, magazine, or periodical.
		Pursuant to the authority contained in section 7805(b) of the Internal Revenue Code of 1954, this modification shall be effective only with respect to the first open year of such taxpayer at the time that this Revenue Ruling is published in the Internal Revenue Bulletin.
		Expenditures paid or incurred in a year prior to the effective date of this Revenue Ruling but which were deferred to a subsequent year under I.T. 3369, supra, will be deductible in the year in which they would have been deductible had no modification occurred.
	www.taxlinks.com /rulings/1957/revrul57-87.htm (397 words)

	Folio: The Magazine for Magazine Management: A publisher's guide to tax reform - part 2
		The distinction between these kinds of expenditures proved difficult to make in practice, and the Congress, in the Revenue Act of 1950, finally decided to group all circulation expenditures together and permit them to be currently deducted.
		As a result, at the end of the tax year the publisher could be forced to pay taxes on the total revenue allocated to a November or December shipment--and wouldn't be entitled to reduce the tax liability until a year later.
		The proposal has been discussed in the Treasury Department for some time and was rooted in the tax principle of amortizing or capitalizing those expenditures that have a residual affect and that could be allocated to the development of good will or to the establishment of an intangible capital asset.
	www.findarticles.com /p/articles/mi_m3065/is_v16/ai_4682928 (1313 words)

	[No title]
		Compilation of provisions of the Agriculture Adjustment Act of 1949 and the Agriculture Adjustment Act of 1938, as amended, relating to peanuts, May 1, 1951.
		3606: "To amend the Agricultural Adjustment Act of 1938 with respect to the appointment of the acreage allotment for peanuts" (Carl Albert - Oklahoma).
		3623: "To amend the Agricultural Adjustment Act of 1938 with respect to the appointment of the acreage allotment for peanuts" (Carl Albert - Oklahoma).
	www.ou.edu /special/albertctr/archives/albertinventory/Cal012.htm (2311 words)

	Taxes: Colleges, commerciality, and the unrelated business income tax (Site not responding. Last check: 2007-10-14)
		Among the reasons this policy was implemented was that the general public benefitted from the "encouragement of charity." As the law has developed since 1913, the number and types of organizations allowed exempt status have grown.
		Prior to 1950, the conduct of commercial activities did not threaten the exempt status of these organizations so long as any profits generated from the commercial activity were used to further the organization's charitable or educational purposes.
		By 1950, application of the "destination-offunds" test had led to considerable abuse, culminating in C.F Mueller v.
	www.findarticles.com /p/articles/mi_qa3663/is_199605/ai_n8746564 (1036 words)

	Taxes: When is a business not a business? Exploiting business opportunities and enhancing economic returns by ... (Site not responding. Last check: 2007-10-14)
		Beginning with the Revenue Act of 1950, Congress has imposed a tax on the UBTI of otherwise tax-exempt organizations.
		As explained above, the theory for the exclusion of this income from taxation was that such investment activities did not pose the same risk of improper competition and, further, that such items of income were properly exempt as the traditional investment income of such entities.
		Under the 1969 Act, income earned by a tax-exempt entity from debtfinanced property generally was includible in UBTI, provided that the income was derived from an activity that was unrelated to the exempt function of the organization.
	www.findarticles.com /p/articles/mi_qa3663/is_199712/ai_n8759031 (781 words)

	HM Revenue & Customs: Inheritance Tax Act 1984 Schedule 6 Transition from estate duty ihta84/sch6/para4.- Objects ...
		HM Revenue and Customs: Inheritance Tax Act 1984 Schedule 6 Transition from estate duty ihta84/sch6/para4.- Objects of national etc. interest left out of account on death
		(4) In determining for the purposes of section 40(2) of the Finance Act 1930 what is the last death on which the objects passed, there shall be disregarded any death after 6th April 1976.
		S.I. (5) In the application of this paragraph to Northern Ireland for references to section 40 of the Finance Act 1930 and section 48 of the Finance Act 1950 there shall be substituted references to section 2 of the Finance Act (Northern Ireland) 1931 and Article 6 of the Finance (Northern Ireland) Order 1972 respectively.
	www.hmrc.gov.uk /ihta/sch6/s6004.htm (318 words)

	TRANSPORT ACT, 1950 (Site not responding. Last check: 2007-10-14)
		(3) In this Act, a reference by number to a Part or section is to the Part or section of this Act bearing that number unless it is indicated that a reference to another Act is intended.
		(3) Subject to the provisions of this Act and without prejudice to subsections (1) and (2) of this section, the Board shall, in relation to its railway and canal undertakings, be deemed to be a railway and canal company for the purposes of section 2 of the Railway and Canal Traffic Act, 1854.
		—(1) For the purposes of sections 28 of the Road Transport Act, 1932 (No. 2 of 1932), the Board shall be deemed to be a company to which Part III of the said Act applies.
	www.irishstatutebook.ie /1950_12.html (11714 words)

	Bird & Associates Law Firm (Site not responding. Last check: 2007-10-14)
		In the Revenue Act of 1950, the income of "feeder organizations" was subjected to tax, along with the unrelated business income of exempt organizations.
		Before the Tax Reform Act of 1969, passive income such as rent, interest, royalty, and annuity income generally was free of tax for exempt organizations, except under a few court decisions.
		Before the Tax Reform Act of 1969, the Service made many attempts to the tax the exempt parents on the passive income paid by taxable subsidiaries, generally on the rationale that they were not separate entities but one integrated entity.
	www.birdlawfirm.com /asubsidi.html (4026 words)

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