Income Taxation of Business in 1952.

Abstract The revenue Act of 1951 in the U.S. provided changes in the income tax, the excess profits tax, the gift tax, the estate tax and excise taxes. The gift and estate taxes were modified only a very slight bit and the rates were not altered. Excise tax rates were increased on some articles and were reduced for others. Individuals, trusts and estates, and corporations are all affected by changes in the income tax law. In general, the Revenue Act of 1951 increased taxes for 1951, and even more heavily for the next few taxable years subsequent to the calendar year of 1951. An additional income tax return and excess profits tax return are required of corporations with taxable years ending after March 31, 1951 and before December 1, 1951 to take care of changes introduced by the 1951 Act which were made effective retroactively to April 1, 1931. The new return must be filed between October 20, 1931 and January 15, 1952, inclusive, according to the 1951 Act. However, in December, 1951, the Treasury granted a general extension of time to and including March 13, 1932 for the filing of returns and payment of tax for taxable years ending after March 31, 1951 and before December 1, 1931.