TAXATION: Surplus Penalties

Last week the Treasury Department had ample reason to be in high good humor. In the first eight months of 1934, it announced, it had dipped its long fingers into evasive U. S. pockets, plucked out $116,914,734 in delinquent taxes. That was $29,000,000 better than it had done in the same period last year. The extra $29,000,000 would pay all but $1,000,000 of its internal tax-collecting expenses for 1934. In expansive mood the Treasury revealed its latest move to overtake suspected tax dodgers.

A corporation may dispose of its net profits by:...

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