In the month of May, 1923, the Internal Revenue Bureau altered its regulations in regard to the taxation of profits accumulated before March 1, 1913, which profits had been taxed under the revenue acts of 1916, 1917, 1918 and 1921. The new ruling, which is said to require refunds of several million dollars in taxes—how much is not known—amounts in general to this: A corporation cannot be taxed on profits received from a subsidiary, prior to March 1, 1923, but not distributed until after that date. However, all profits accumulated since that...

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