ī I. MAJOR OBJECTIVES AND GUIDES FOR TAX REFORM A. GENERAL APPRAISAL OF THE INCOME TAX Page The Federal Income Tax Base for Individuals-Stanley S. Surrey - - 1 19 Major Objectives of and Guides for Income Tax Reform-Joseph Sneed-- 61 77 Federal Income Tax Revision-Roswell Magill. 87 What's Wrong with the Federal Tax System?—Herbert Stein.. 107 119 Objectives of and Guides for Tax Rate Reform-John C. Davidson__ 139 157 B. THE RELATIVE ROLE OF INCOME TAXES IN THE TAX SYSTEM The Role of Income Taxes in the U.S. Tax System and the Scope of Tax 169 The Relative Role of Federal Taxes-Ralph Robey.. The Role of Individual Income Taxes in Federal-State-Local Fiscal Relationships-Robert R. Nathan and Edward D. Hollander.. The Corporation Income Tax: An Empirical Appraisal-Arnold C. II. STATISTICAL ANALYSIS OF THE TAX BASE AND THE NATIONAL What Would a Comprehensive Individual Income Tax Yield?—Joseph A. A. INDIVIDUAL INCOME TAX EXCLUSIONS Consistent Treatment of Items Excluded and Omitted From the Individual Income Tax Base-Melvin I. White.. An Appraisal of Individual Income Tax Exclusions-Roy Wentz Social Security and the Personal Income Tax-Raymond Muntz- B. INDIVIDUAL INCOME TAX DEDUCTIONS Proper Income Tax Treatment of Deductions for Personal Expense- 317 329 341 351 353 Itemized Deductions for Personal Expenses and Standard Deductions in 375 Personal Deductions in the Individual Income Tax-C. Harry Kahn..... Deductions and Credits for State Income Taxes-Walter W. Heller... The Individual Income Tax Base and the Charitable Contributions De- Individual Income Tax Deductions Applying to Gifts to Colleges and C. TAXATION OF FAMILY INCOME Income Splitting-Joseph A. Pechman.. Page 391 407 419 435 441 447 457 473 The Place of the Personal Exemptions in the Present-Day Income Tax- An Inquiry into the Possibility of Lowering the Tax Rates by Increasing 487 493 Personal Exemptions-Martin Atlas- To Restore Balance and Equity in Family Income Taxation-Everett M. 515 Treatment of Family Income-Paul Strayer__ Parent and Child-and Taxes: Some Problems in Dependency-C. Lowell 525 531 537 D. TAXATION OF THE AGED Income and Tax Status of the Aged: Present Situation and Possible Taxation of the Aged: Retirement Income Credit and the Like-Eveline Taxation of the Aged-Dwight S. Sargent Taxation of the Aged-Ethel Percy Andrus. E. TAXATION OF FLUCTUATING INCOMES Effect of Taxation on Individuals with Fluctuating Incomes-Adrian 539 551 559 563 579 Averaging Income for Income Tax Purposes-Wilbur A. Steger . Federal Tax Treatment of Fluctuating Income-William A. Cromartie. 663 669 An Averaging Proposal-Ralph Becker.. 675 F. THE EXEMPTION OF INTEREST ON STATE AND LOCAL BONDS State and Local Bond Interest-Vance N. Kirby. 679 701 Interest on State and Local Bonds and the Federal Income Tax-Harvey 721 Exclusion From Taxable Income of Interest on Municipal Bonds To Sub- 729 737 775 783 Federal Taxation of the Interest Paid by States and Political Subdivisions VOLUME 2 G. BUSINESS DEDUCTIONS 1. Depreciation Effects of Depreciation Allowances for Tax Purposes-Robert Eisner 702 Accelerated Depreciation-Sidney Davidson... Capital Wastage Allowances-Joel Dean.. Depreciation Policy for an Expanding Economy-George Kitendaugh__. The Depreciation Deduction-LIFO Principle Should Be Extended To Cover Depreciable Plant-William A. Paton.. 2. Percentage Depletion and Exploration and Development Costs Page 807 813 827 841 857 877 891 921 925 Percentage Depletion and Resource Allocation-Peter O. Steiner_ The Deduction for Percentage Depletion and Exploration and Develop- 933 949 967 979 983 985 1009 1027 Tax Reform and the Depletion Allowance-Horace M. Gray. Depletion and Exploration and Development Costs of the Mining In- 1033 Depletion and Exploration Expenses-Herbert C. Jackson.. Percentage Depletion and Exploration and Development Costs-Rolla D. 1041 3. General Business Expenses Business Expense Deductions: Travel and Entertainment-V. Henry 1061 General Business Expenses Other than Depreciation Depletion and Explor- 1069 Business Deductions and General Business Expenses-Edward J. Schlaudt 1073 1075 1085 1097 4. Research and Development Expenditures Income Tax Provisions Regarding Research and Development Expendi- 1105 Research and Development Costs-Charles R. Orem, Jr. 1111 1115 H. ACCOUNTING PROVISIONS Accounting Provisions-John M. Sullivan. 1125 Tax Accounting for Prepaid Income and Reserves for Future Expenses- 1133 An Evaluation of the Accounting Provisions of the Internal Revenue Code 1161 An Analysis of Accounting Provisions-Willard J. Graham_ 1175 1183 I. TREATMENT OF CAPITAL GAINS Taxation of Capital Gains-Harold M. Groves_- 1193 Definitional Problems in Capital Gains-Stanley S. Surrey. 1203 Tax Treatment of Capital Gains-Dan Throop Smith.. 1233 The Paradox of Capital Gains: Taxable Income that Ought Not To Be 1243 |