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Congressional Record-Senate 12044 CONGRESSIONAL RECORD-SENATE . JUNE 6 8154. Also, petition of Chamber of ·commerce of the State 155, 156, 157, 158, 159, 160, 161, 162, 163, 164, 165, 166, 167, of New York, opposing the passage of Senate bil11963, regu­ 169, 170, 171, 172, 173, 175, 176, 177, 178, 179, 181, 182, 183, lation of common carriers by water in intercoastal com­ 185, 188, 189, 190, 191, 192, 194, 195, 196, 197, 198, 199, 200, merce; to the Committee on Interstate and Foreign Com­ 201, 202l 203, 204, 205, 206, 208, 209, 210, 211, 213, 215, 216, merce. 217, 218, 219, 221, 222, 223, 224, 226, 227, 228, 229, 230, 231, 8155. By Mr. SUTPHIN: Petition of Senate of the State 232, 234, 23'7, 238, 239, 240, 241, 242, 243, 244, 245, 247, 248, of New Jersey, objecting to the proposed 1-cent per gallon 249, 250, 251, 252, 253, 255, 256, 258, 259, 260, and 261 and tax on gasoline; to the Committee on Ways and Means. agree to the same. 8156. By the SPEAKER: Petition of Ida von Claussen, re­ Amendment numbered 1: That the House recede from its questing that she be allowed to appear before a duly consti­ disagreement to the amendment of the Senate numbered 1, tuted committee of the House of Representatives appointed and agree to the same with an amendment as follows: On to hear and pass upon her petition for the impeachment of page 2 of the Senate engrossed amendments, under the President Herbert Hoover, Ambassador Andrew Mellon, and heading " Title V -Miscellaneous Taxes " and the subhead­ colleagues; to the Committee on the Judiciary. ing "Part !!-Admissions tax," strike out" Sec. 712. Admis­ sion to Olympic Games."; and on page 3 of the Senate en­ grossed amendments, under the heading " Title VIII-Postal SENATE Rates," strike out " Sec. 1002. Adjustment of Postal Rates."; MONDAY, JUNE 6, 1932 and on page 3 of the Senate engrossed amendments, under the heading " Title IX-Administrative and General Pro­ (Legislative day of Wednesday, June 1, 1932) visions," strike out all after "Sec. 1106. Refunds of Miscel­ The Senate met at 12 o'clock meridian, on the expira­ laneous taxes.", the remaining portion of the matter in­ tion of the recess. serted by the Senate amendment, and in lieu thereof insert CALL OF THE ROLL the following: Mr. SMOOT obtained the floor. "SEc. 1107. Adjustments of carriers'' liabilities to conform Mr. FESS. Mr. President, will the Senator from Utah to recapture payments. yield to enable me to suggest the absence of a quorum? " SEc. 1108. Limitation on prosecutions for internal rev- The VICE PRESIDENT. Does the Senator from Utah enue offenses. yield for that purpose? "SEc. 1109. Special disbursing agents of Treasury. Mr. SMOOT. I yield. " SEc. 1110. Refund of taxes for taxable year 1918. The VICE PRESIDENT. The clerk will call the roll. "SEC. 1111. Definitions. The Chief Clerk called the roll, and the following Senators " SEc. 1112. Separability clause. answered to their names: " SEc. 1113. Effective date of act." And the Senate agree to the same. Ashurst Cutting Jones Robinson, Ind. Austin Dale Kean Schall Amendment numbered 9: That the House recede from its Bailey Davis Kendrick Sheppard disagreement to the amendment of the Senate numbered 9. Bankhead Dickinson Keyes Shlpstead Barbour Dill La Follette Shortridge and agree to the same with an amendment as follows: In Barkley Fess Lewis Sm.lth lieu of the matter proposed to be inserted by the Senate Blaine Fletcher Logan Smoot amendment insert "13% per cent"; and the Senate agree Borah Frazier McGill Steiwer Bratton George McKellar Thomas, Idaho to the same. Bulkley Glass McNary Thomas, Okla. Amendment numbered 29: That the House recede from its Bulow Glenn Metca.lf Townsend Byrnes Goldsborough Moses Trammell disagreement to the amendment of the Senate numbered 29, Capper Hale Neely Tydings and agree to the same with an amendment as follows: In caraway Harrison Norbeck Vandenberg lieu of the matter proposed to be inserted by the Senate Carey Hast~ Norris Wagner Cohen Hatfield Nye Walcott amendment insert the following: connally Hayden Oddle Walsh, Mass. "(r) Limitation on stock losses- Coolidge Hebert Patterson Walsh, Mont. Costigan Howell Reed Watson "(1) Losses from sales or exchanges of stocks and bonds Couzens Johnson Robinson, Ark. White (as defined in subsection <t> of this section) which are not Mr. SHEPPARD. I wish to announce that the senior capital assets (as defined in section 101) · shall be allowed Senator from Virginia [Mr. SwANsoN] is necessarily absent only to the extent of the gains from such sales or exchanges as a member of the Geneva conference and that the junior (including gains which may be derived by a taxpayer from Senator from Louisiana [Mr. LoNG] is necessarily absent the retirement of his own obligations). from the city. "(2) Losses disallowed as a. deduction by paragraph (1). The VICE PRESIDENT. Eighty Senators have answered computed without regard to any losses sustained during the to their names. A quorum is present. preceding taxable year, shall, to an amount not in excess of the taxpayer's net income for the taxable year, be considered REVENUE AND TAXATION--cONFERENCE REPORT for the purposes of this title as losses sustained in the suc­ Mr. SMOOT submitted the following report: ceeding taxable year from sales or exchanges of stocks or The committee of conference on the disagreeing votes of bonds which are·not capital assets. · the two Houses on the amendments of the Senate to the bill "(3) This subsection shall not apply to a dealer in secu­ <H. R. 10236) to provide revenue, equalize taxation, and for rities <as to stocks and bonds acquired for resale to cus­ other purposes, having met, after full and free conference tomers) in respect of transactions in the ordinary course of have agreed to recommend and do recommend to their re­ his business, nor to a bank or trust company incorporated spective Houses as follows: under the laws of the United States or of any State or Terri­ That the Senate recede from its amendments numbered tory, nor to persons carrying on the banking business <where 7, 8, 15, 16, 35, 40, 41, 42, 45, 60, 61, 62, 63, 64, 65, 71, 72, 76, the receipt of deposits constitutes a major part of such busi­ 113, 114, 115, 146, 174, 193, 207, 212, 214. 254, 257, 262, and ness) in respect of transactions in the ordinary course of 267. such banking business." That the House recede from its disagreement to the And the Senate agree to the same. amendments of the Senate numbered 2, 3, 4, 5, 6, 10, 11, 12, Amendment numbered 54: That the House recede from its 13, 14. 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 30, 31~ 32, disagreement to the amendment of the Senate numbered 54, 33, 34, 36, 37, 38, 39, 43, 44, 46, 47, 48, 49, 50, 51, 52, 53, 55, and agree to the same with an amendment as follows: On 56, 57, 58, 66, 67, 68, 69, 70, 73, 74, 77, 79, 80, 81, 83, 85, 86, the last line of page 19 of the Senate engrossed amendments, 87, 88, 89, 90, 91, 94, 95, 96, 97, 100, 101, 102, 103, 104, 105, after the word "coal," insert "mines"; and the Senate 106, 107, 108, 109, 110, 111, 112, 116, 11'7, 118, 120, 121, 122, agree to the sa.nw. · · 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, Amendment numbered 59; That the House recede from its 136, 138, 139, 141, 142, 145, 147, 148, 149, 151. 152, 153, 154, disagreement to the amendment of the Senate numbered 59, 1932 CONGRESSIONAL RECORD-SENATE 12045 and agree to the same with an amendment as follows: In In lieu of the matter proposed to be inserted by the Senate lieu of the matter proposed to be stricken out by the Senate amendment insert "13o/.i per cent"; and the Senate agree amendment insert the following: to the same. "(a) Earned income from sources without United States.­ Amendment numbered 119: That the House recede from In the case of an individual citizen of the United States, a its disagreement to the amendment of the Senate nU!Ilbered bona fide nonresident of the United States for more than 119, and agree to the same with an amendment as follows: six months during the taxable year, amounts received from In lieu of the matter proposed to be inserted by the Senate sources without the United States <except amounts paid by amendment insert the following: the United States or any agency thereof) if such amounts "(c) The tax shall not apply to a transfer of property in constitute earned income; but such individual shall not be trust where the power to revest in the donor title to such allowed as a deduction from his gross income any deductions property is vested in the donor, either alone or in conjunc­ properly allocable to or chargeable against amounts ex­ tion with any person not having a substantial adverse in­ cluded from gross income under this subsection. As used terest in the disposition of such property or the income in this subsection the term ' earned income ' means wages, therefrom, but the relinquishment or termination of such salaries, professional fees, and other amounts received as power (other than by the donor's death) shall be considered compensation for personal services actually rendered, but -to be a transfer by the donor by gift of the property subject does not include that part of the compensation derived by to such power, and any payment of the income therefrom to the taxpayer for personal service3 rendered by him to a cor­ a beneficiary other than the donor shall be considered to be poration which represents a distribution of earnings or a transfer by the donor of such income by gift." profits rather than a reasonable allowance as compensation And the Senate agree to the same.
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