[Download] "Wyoming Ry. Co. v. Herrington." by Circuit Court of Appeals Tenth Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Wyoming Ry. Co. v. Herrington.
- Author : Circuit Court of Appeals Tenth Circuit
- Release Date : January 17, 1947
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
By the Second Revenue Act of 1940, § 201, Sec. 710 et seq. Internal Revenue Code, 26 U.S.C.A. Int. Rev. Code, § 710 et seq., Congress imposed a graduated tax upon excess corporate profits as therein defined. Section 712 provided for an excess profits credit against such income, to be computed under Sections 713 or 714. The credit computed under Section 714 was based on average invested capital, including borrowed invested capital defined in Section 719(a) (1), (b) as 50 per cent of the average daily "outstanding indebtedness (not including interest) of the taxpayer which is evidenced by a bond, note, bill of exchange, debenture, certificate of indebtedness, mortgage, or deed of trust."