Download or read book How to Reduce the Undistributed Profits Tax written by Alexander federal tax service and published by . This book was released on 1937 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Undistributed Profits Tax and what to Do about it written by Maurice Wertheim and published by . This book was released on with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Undistributed Profits Tax and Its Effect on American Business written by Max B. Meyer and published by . This book was released on 1938 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Effects of the Undistributed Profits Tax on Financial Policy written by Gray Jensvold and published by . This book was released on 1937 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Rise and Fall of the Undistributed Profits Tax written by James J. Loker and published by . This book was released on 1941 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The undistributed profits tax as a countercyclical device written by Robert Louis Winestone and published by . This book was released on 1954 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Payouts and the Tax Price of Corporate Retentions written by R. Glenn Hubbard and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many provisions of the U.S. tax code affect corporate decisions to pay out or retain earnings. Most studies of these effects have examined the effects of dividend and capital gains taxes on payouts. Relatively few studies have considered the effects of corporate taxes on retentions. In the early 1900s, the United States experimented with several corporate taxes on retentions. These taxes increased the price of corporate retentions, thereby encouraging corporate payouts. This paper studies the response of corporations to the most significant of these experiments the Undistributed Profits Tax of 1936-1938. While the U.S. no longer directly taxes corporate retentions, our study provides empirical results relevant to two recent policy debates. First, to the extent that corporate payouts did respond significantly to a change in the corporate price of retentions, we can learn more about the implicit prices corporations place on internal funds. These estimates enable us better understand the effects of government policies designed to encourage corporate reinvestment. Second, our study provides evidence relevant to several recent proposals designed to resolve managerial agency problems. These proposals require managers to payout their "free" cash flows as a way of committing not to waste financial capital. The Undistributed Profits Tax of 1936-1938 had a similar goal. Its maximum marginal tax rate of 27 percent on corporate retentions gave managers strong incentives to pay out retained earnings. We study the effects of the Undistributed Profits Tax on corporate payouts using a panel data set on 26 large petroleum companies. These data have a number of advantages, not the least of which is the relative homogeneity of petroleum firms' investment opportunities. We find that on average corporate payout policies did respond significantly to the surtax in 1936, the first year of the tax. There was much less of a response in 1937, and practically none in the last year, 1938. The smaller payouts in 1937 and 1938 suggest that managers were able to find margins other than dividends through which they could reduce their tax burden. These other margins included the short-term manipulation of expenses and delays in recognizing revenues. These responses suggest that managers place a relatively high valuation on internal versus external funds. They also suggest that proposals that would require managers to payout free cash flows must resolve an important incentive problem -- how to get managers to reveal fully what cash flows are "free." Finally, our results document the importance of recognizing behavioral responses to taxes. That is, firms may respond to changes in relative tax prices by finding other margins by which they can reduce their tax burdens.

Download or read book Undistributed Profits Tax written by Stephen Tabb and published by . This book was released on 1951 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Undistributed Profits Tax written by Yuri F. R. Grbich and published by . This book was released on 1979 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Undistributed Earnings Tax written by National Association of Credit Men (U.S.) and published by . This book was released on 1920 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Final Report of the Committee on the Federal Corporate Net Income Tax written by National Tax Association. Committee on the Federal Corporate Net Income Tax and published by . This book was released on 1950 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Taxation for Prosperity written by Randolph Evernghim Paul and published by . This book was released on 1947 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Production Jobs and Taxes written by Harold Martin Groves and published by New York, McGraw-Hill. This book was released on 1944 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Estimates of Federal Tax Expenditures written by United States. Congress. Joint Committee on Internal Revenue Taxation and published by . This book was released on 1976 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Politics and Development of the Federal Income Tax written by John F. Witte and published by Univ of Wisconsin Press. This book was released on 1985 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Revenue Revisions 1947 48 written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1947 with total page 2162 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The President s 1978 Tax Reduction and Reform Proposals written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1978 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: