Read Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint)

Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint)

U.S. Congress Joint Committee on Taxation

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Description:Excerpt from Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue Taxation, for Use of the Committee on Ways and Means Excessive profits are determined not with respect to individual contracts, but, with respect to the receipts or accruals of the contractor under all renegotiable contracts and subcontracts in an entire fiscal year of the contractor. The advantages of this procedure are substantial: (1) Obviously, it reduces the administrative burden and saves the time of both Government and industry; (2) it holds cost accounting and cost allocations to a minimum; (3) it permits the use of the regular financial and accounting data maintained and prepared by contractors for tax purposes; and (4) most importantly, it enables contractors to offset their losses or low profits on one or more defense contracts against their profits from other defense contracts during the same fiscal year. Renegotiable profits are determined by charging against renegotiable receipts or accruals (usually referred to as "renegotiable sales") all costs and expenses incurred by the contractor and allocable to the performance of renegotiable business. Excessive profits arc that portion of such renegotiable profits which is determined in accordance with the act to be excessive. In making these determinations, the Board is required by the act to observe certain prescribed factors. These are stated in section 103(e) of the act and are summarized at page 2 of the "History and Brief Outline of Renegotiation" dated April 27, 1959. Excepting those contracts which are exempted from renegotiation pursuant to section 106 of the act, as hereinafter described, and except to the extent of receipts or accruals attributable to performance before July 1, 1950, all contracts with the Departments named in the act, and related subcontracts, ore subject to renegotiation to the extent of amounts received or accrued on or after January 1, 1951. The Departments now named in the act arc listed at page 2 of the "History and Brief Outline." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint). To get started finding Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint), you are right to find our website which has a comprehensive collection of manuals listed.
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Description: Excerpt from Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue Taxation, for Use of the Committee on Ways and Means Excessive profits are determined not with respect to individual contracts, but, with respect to the receipts or accruals of the contractor under all renegotiable contracts and subcontracts in an entire fiscal year of the contractor. The advantages of this procedure are substantial: (1) Obviously, it reduces the administrative burden and saves the time of both Government and industry; (2) it holds cost accounting and cost allocations to a minimum; (3) it permits the use of the regular financial and accounting data maintained and prepared by contractors for tax purposes; and (4) most importantly, it enables contractors to offset their losses or low profits on one or more defense contracts against their profits from other defense contracts during the same fiscal year. Renegotiable profits are determined by charging against renegotiable receipts or accruals (usually referred to as "renegotiable sales") all costs and expenses incurred by the contractor and allocable to the performance of renegotiable business. Excessive profits arc that portion of such renegotiable profits which is determined in accordance with the act to be excessive. In making these determinations, the Board is required by the act to observe certain prescribed factors. These are stated in section 103(e) of the act and are summarized at page 2 of the "History and Brief Outline of Renegotiation" dated April 27, 1959. Excepting those contracts which are exempted from renegotiation pursuant to section 106 of the act, as hereinafter described, and except to the extent of receipts or accruals attributable to performance before July 1, 1950, all contracts with the Departments named in the act, and related subcontracts, ore subject to renegotiation to the extent of amounts received or accrued on or after January 1, 1951. The Departments now named in the act arc listed at page 2 of the "History and Brief Outline." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint). To get started finding Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint), you are right to find our website which has a comprehensive collection of manuals listed.
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Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint)

Present Renegotiation Procedures and Suggestions Received for Changes in the Act: Compiled by the Staff of the Joint Committee on Internal Revenue ... Committee on Ways and Means (Classic Reprint)

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