Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-19
INHERITANCE TAX
INCREASE IS BEATEN.
! N CONF ERENCE.
amendment to Make Rate
SO Per Gent on Big Es-
tates Defeated.
INSURANCE. TAXING
PLAN is AGREED ON
life Companies to Pay Same
Rate or Incomes as Other
Corporations.
"ONFEREEs' WORK NEAR END
rnntor Prnrosc Announces Amended
Measure VIII Reach noth House.
TAXING
PLAN is AGREED ON
cnntor rrnrosc Announces Amended
Measure WUI Reach Hath Houses
Lntc Monday.
LBy Assoe!a,ch Press. ]


WASHISGTON. Nov. Is.-Thc SEN
tc amendment proposing 10 increase
ie maximum inheritance tax rate
fom tha present % per cent on cs-
1tcs valued at s!o.OOO.GOO or more to
per cent on those OF {i0p.ouo, 900 or
orc was knocked out Of the tax re-
sion bin today b. House and Son
TO conference. This amcndmcn,
1tmcd part Of the compromise re-
sion program brought forward by
ie Senate agricultural bloc and
greed To by Republican leaders
This waA the only one ot the re-
!alning high spots" In the Dul on
h!ch the conferences came to an
sreement today. but tho House man
gers. in conformity with Instructions
pied yesterday by the House. ac-
picd the Senate incom. surtax
FaXinum rat. OF SO per cent. At the
hite House today Il was said that
resident Harding WAS frankly dis
1pointcd'' by the House action on the
irtax amendment, and this d.sap-
'intmcnt was reflected IN other ad-
Illustration and in some congress
onal circles.
Accept Innurnncc Taxing Plan.
The Housc managers today accepted
le Senate plan for taxing insurance
pmpInies. This plan provides that
10 insurance companies shall pay
Income tax on invcstmcht Income
the rate yet 10 be nxed for corpo-
lions. Mutual Insurance companies.
her than iife. will ne taxed at the
me raie on their net income as
imputed under existing law. while
other insurance companies VIII
- the corporation tax rate on their
I income. AS shown In statements
puircd TO be furnished on standard
ate forms 10 State tax commits
oncrs.
Other Agreements Reached.
other agreements reached by the
|nferces included these:
siruck out the la Toilette amend
cnt requiring taxpayers in maxi
their returns to list the tax-frec
curitics held by them.
ADOPTED Il compromise amendment
eihp'ihS from taxation the Npst
90 OF income received by indivfd
from investments in building
q loan associations. the exemption
run Tor nve years from next Jan
ry J. The Hous. had proposed an
emption of $500 of such income,
II the Senate struck out the
nendment
Gifts DO Not Give Exemption.
Accepted the Senate amendment
r!king out AN original House pro-
sion allowing corporations to de-
ct from their income gifts to
aritah!c organizations. provided
total did not exceed per cent
the net income OF the contribut-
K corporation.
Accepted Senate amendments pro-
ding that where banks and cor
srations pay taxes for their stock
'lders. they may deduct the amount
4 paid in making their income TAX
turns. The stockholders for whom
'xcs were so paid would not be per-
| ttted. however. To make a similar
,,dnction in making their returns.
nAcccpted n Senate amendment cx-
tnptins from taxation the rental
lue OF dwellings furnished to n
tn!ster OF the gospel as part OF his
improvisation.
Mutual Body Exempted.
accepted Senate amendment en-
inption receipts received by in
ividuals from ship owners mutual
protection and indemnity associa
ions not organized for profit.
Chairman Penrose, OF the Senate
hanagere. said the conferees ex-
ected to finish their work tomor-
pw. but that the amended bill with
he conference report probably
build not he made ready for pre-
,ntation to the House and Senate
|efore late Monday. Final action on
ie report might be taken by We'd
|csday evening, Senator Penrose said
Il he added that this now locke d
,ubtful.