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Significant Developments In The Law Of Federal Taxation, 1941-1947: Ii, Paul G. Kauper
Significant Developments In The Law Of Federal Taxation, 1941-1947: Ii, Paul G. Kauper
Michigan Law Review
The 1941 Revenue Act carried forward the rather complex normal tax structure prescribed by the 1940 Revenue Act and in addition introduced a corporate surtax rate schedule. The normal tax rates were increased to absorb the 10% defense tax previously imposed as a separate tax and also a very slight increase in the rates applicable to corporations with a normal-tax net income of less than $38,461.54. As so altered the normal tax amounted to 24% in the case of corporations having normal-tax net income over $38,461.54, and in the case of corporations having no more than this amount of normal-tax …