Communication from the President of the United States Relative to Tax Deferment and Tax Exemption Benefits to the Maritime Industry, Together with a Report to the President on Government Assistance Necessary to Maintain a Merchant Marine Adequate to the Commercial and National Defense Requirements of the United States: Submitted by the Secretary of Commerce, and a Supplementary Report Submitted by the Treasury Department Entitled "Scope and Effect of Tax Benefits Provided the Maritime Industry".1953 - Broj stranica: 170 |
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50 percent accelerated depreciation American Export Lines American merchant marine American President Lines American-flag amount assets capital gains capital reserve fund CHART combination ships construction contract countries dead-weight December 31 deduction DEPARTMENT OF COMMERCE depreciation allowances depreciation rates dividends domestic trade estimated excess profits tax Federal foreign commerce foreign trade freighters Government Gross Tons income tax income-tax increase June 30 Lakes Maritime Administration maritime industry merchant fleet Merchant Marine Act million mortgage national defense nonsubsidized operators normal depreciation number of ships payment period permitted postwar present prewar provisions purchase recapture replacement cost revaluation ship operators ship replacement shipping companies special reserve funds Steamship subsidized earnings subsidized operators subsidized shipping substantial Sweden tankers tax benefits tax deferment tax rates tax savings tax-free tion tonnage trade routes United States flag United States Lines vessels voluntary deposits Warbuilt World World War II
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Stranica 1 - It is necessary for the national defense and development of its foreign and domestic commerce that the United States shall have a merchant marine (a) sufficient to carry its domestic waterborne commerce and a substantial portion of the waterborne export and import foreign commerce of the United States and to provide shipping service on all routes essential for maintaining the flow of such domestic and foreign waterborne commerce at all times...
Stranica 7 - That it is necessary for the national defense and for the proper growth of its foreign and domestic commerce...
Stranica 11 - Commission to be essential for the promotion, development, expansion, and maintenance of the foreign commerce of the United States...
Stranica 1 - ... owned and operated under the United States flag by citizens of the United States insofar as may be practicable, and (d) composed of the bestequipped, safest, and most suitable types of vessels, constructed in the United States and manned with a trained and efficient citizen personnel.
Stranica 5 - Act, be allowed as a deduction for the purpose of ascertaining his net income subject to the war-profits and excess-profits taxes imposed by Title III of the Revenue Act of 1918 an amount equivalent to the net earnings of such vessel during such taxable year...
Stranica 1 - ... (c) owned and operated under the United States flag by citizens of the United States insofar as may be practicable, and (d) composed of the best-equipped, safest, and most suitable types of vessels, constructed in the United States and manned with a trained and efficient citizen personnel. It is hereby declared to be the policy of the United States to foster the development and encourage the maintenance of such a merchant marine.
Stranica 15 - The earnings of any contractor receiving an operating-differential subsidy under authority of this Act, which are deposited in the contractor's reserve funds as provided in this section, except earnings withdrawn from the special reserve funds and paid into the contractor's general funds or distributed as dividends or bonuses as provided in paragraph 4 of subsection (c) of this section, shall be exempt from all Federal taxes. Earnings withdrawn from such special reserve fund shall be taxable as if...
Stranica 26 - Commission (excluding the cost of national-defense features as above provided, except that in cases where the Commission possesses convincing evidence that the actual differential is greater than that percentage, the Commission may approve an allowance not to exceed 50 per centum of such cost, upon the affirmative vote of four members, except as otherwise provided in subsection 201 (a).
Stranica 129 - ... 4. Tax benefits: The principal tax benefit specifically allowed ship operators is the exemption from income tax charges of income from reserve funds. Subsidized operators are required to deposit annually in reserve funds all profits after taxes in excess of 10 percent of "capital necessarily employed in the business.
Stranica 8 - ... of the foreign commerce of the United States, the vessels in such fleet to be so designed as to be readily and quickly convertible into transport and supply vessels in a time of national emergency. In planning the development of such a fleet the Commission is directed to cooperate closely with the Navy Department as to national-defense needs and the possible speedy adaptation of the merchant fleet to national-defense requirements. Second, the ownership and the operation of such a merchant fleet...