The Revenue Act of 1928 (May 29, 1928, ch. 852, 45 Stat. 791), formerly codified in part at 26 U.S.C. sec. 22(a), is a statute enacted by the 70th United States Congress in 1928 regarding tax policy.
Section 605 of the Act provides that "In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision, made by the Secretary or by the Commissioner with the approval of the Secretary, such subsequent regulation or Treasury decision may, with the approval of the Secretary, be applied without retroactive effect." (as cited in Helvering v. R.J. Reynolds Tobacco Co., 306U.S. 110 (1939))
In the Revenue Act of 1928, the Joint Committee's authority was extended to the review of all refunds or credits of any income, war-profits, excess-profits, or estate or gift tax in excess of $75,000. In addition, the Act required the Joint Committee to make an annual report to Congress with respect to such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credit or paid to each. Since 1928, the threshold for review of large tax refunds has been increased from $75,000 to $2 million in various steps and the taxes to which such review applies has been expanded. Other than that, the Joint Committee's responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928.
revenue, 1928, 1928, stat, formerly, codified, part, statute, enacted, 70th, united, states, congress, 1928, regarding, policy, section, provides, that, case, regulation, treasury, decision, relating, internal, revenue, laws, amended, subsequent, regulation, t. The Revenue Act of 1928 May 29 1928 ch 852 45 Stat 791 formerly codified in part at 26 U S C sec 22 a is a statute enacted by the 70th United States Congress in 1928 regarding tax policy Section 605 of the Act provides that In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision made by the Secretary or by the Commissioner with the approval of the Secretary such subsequent regulation or Treasury decision may with the approval of the Secretary be applied without retroactive effect as cited in Helvering v R J Reynolds Tobacco Co 306 U S 110 1939 Contents 1 Tax on Corporations 2 Tax on Individuals 3 Joint Committee on Taxation 4 ReferencesTax on Corporations editA rate of 12 percent was levied on the net income of corporations Tax on Individuals editA normal tax and a surtax were levied against the net income of individuals as shown in the following table Revenue Act of 1928Normal Tax and Surtax on Individuals45 Stat 795 1 Net Income dollars Normal Rate percent Surtax Rate percent Combined Rate percent 0 1 5 0 1 54 000 3 0 38 000 5 0 510 000 5 1 614 000 5 2 716 000 5 3 818 000 5 4 920 000 5 5 1022 000 5 6 1124 000 5 7 1228 000 5 8 1332 000 5 9 1436 000 5 10 1540 000 5 11 1644 000 5 12 1748 000 5 13 1852 000 5 14 1956 000 5 15 2060 000 5 16 2164 000 5 17 2270 000 5 18 2380 000 5 19 24100 000 5 20 25Joint Committee on Taxation editFurther information United States Congress Joint Committee on Taxation In the Revenue Act of 1928 the Joint Committee s authority was extended to the review of all refunds or credits of any income war profits excess profits or estate or gift tax in excess of 75 000 In addition the Act required the Joint Committee to make an annual report to Congress with respect to such refunds and credits including the names of all persons and corporations to whom amounts are credited or payments are made together with the amounts credit or paid to each Since 1928 the threshold for review of large tax refunds has been increased from 75 000 to 2 million in various steps and the taxes to which such review applies has been expanded Other than that the Joint Committee s responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928 References edit Facsimile from Statutes at Large Retrieved from https en wikipedia org w index php title Revenue Act of 1928 amp oldid 1154157876, wikipedia, wiki, book, books, library,
