This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...or not. It gives relief to industries which passed through a period of depression in the prewar years. It also applies to concerns which earned less than 10 per cent in the prewar period, even though their tax is not grossly disproportionate to that of their competitors. Neither of these cases would be helped ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...or not. It gives relief to industries which passed through a period of depression in the prewar years. It also applies to concerns which earned less than 10 per cent in the prewar period, even though their tax is not grossly disproportionate to that of their competitors. Neither of these cases would be helped by section 327. Section 327 on the other hand deals not with general classes but with specific instances and grants relief in special cases according to the facts of each case where, without such relief, there would be a hardship as compared with representative concerns because of some abnormal condition affecting the capital or income of the corporation. The two sections are of a different nature. Section 311 would give no relief to a corporation belonging to a class which normally earned 20 per cent if that corporation, due to some abnormal condition affecting the income of the prewar period, earned only 12 per cent during the prewar period. Such concerns do not receive even partial relief under section 311. They would receive relief under section 327 if that applies. Section 311 lays down a number of general rules applicable to general classes which apply in all cases without reference to their effect. Section 327 deals with specific cases and applies only where the failure to give relief will cause hardship. These sections have different purposes, apply to different classes of cases, and measure the relief in a different way. In my opinion, the fact that they may both affect the same case does not make section 311 exclusive in that case. It is concluded that the fact that the general rules established by section 311 will in some cases grant partial relief against an abnormally low income in the prewar period, does not clearly and...
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