CLEM w. COLLINS. PRESIDENT WILLIAM C. HEATON. VICE-PRESIDENT ANSON HERRICK. VICE-PRESIDENT ARTHUR W. TEELE, TREASURER LEWIS ASHMAN CHARLES F. COATES P. W. R. GLOVER F. H. HURDMAN PAUL K. KNIGHT ROBERT H. MONTGOMERY C. OLIVER WELLINGTON
JOHN L. CAREY. SECRETARY
To the Presidents of State Societies and other Interested Parties:
On June 28, we wrote to all of the state societies of certified public accountants and certain other individuals requesting recommendations for the revision of the Federal Revenue Act. To those who have responded, we extend our sincere thanks.
The Institute's committee on Federal taxation has assembled all of its recommendations, augmented by suggestions which have come from others. We now enclose, in duplicate, a summary of these proposals, and earnestly solicit your prompt consideration of this material.
In several cases, there have been included proposals which the committee does not approve, but which have been submitted by those whose opinions have been sought. For example, alternatives are offered relative to the retention of the undistributed- profits tax, although the committee is unalterably opposed to the principle of this tax. Similarly, someone wants to revoke the option of husband and wife to be taxed separately or jointly.
Will you sign, and return to us, one copy of the enclosed document, indicating clearly your approval or disapproval of each item? If you have qualifications or other suggestions, please submit them in a separate letter for further consideration. We call your attention particularly to the items marked with asterisks, in respect of which we should like to have additional supporting data or suggested language.
The committee wants to prepare a tabulation of the replies which will express a nationwide cross-section of the opinions held by accountants, and to use such support in advocating revisions in the conferences which are scheduled in the Treasury Department during August.
Again, many thanks for your cooperation. a prompt reply.
We shall appreciate
John L. Carey Secretary
July 26, 1938
135 CEDAR STREET, NEW YORK
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American Institute of Accountants