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INCOME TAX PROJECT 1 (MEMORANDUM FOR ASSISTANT REPORTERS June 1948)

handle is hein.ali/aliftp0435 and id is 1 raw text is: JuMn 1948 ...adu fokr Aisistani Reporters in American Law Institute Income Tax Project I. The Project The American Law Institute has received a grant from the Falk Foundation to undertake a revision of the Federal Income Tax. The work should be completed in three years, which means the summer of 1951. The Project is being conducted at a regular function of the Institute and in accordance with general Institute procedure. It has been discussed vith interested Congressional members and staff officials of the Joint Comittee on Internal Revenue Taxation and with the Treasury Department. Both the Congressional and the Treasury groups have offered encouragement and cooperation. II. Persomel An Advisory Board will determine policy and other questions arising in connection with the revision. Its decisions, unless altered by the Institute Council or Annual Meeting, will represent the policy of the Institute. The Board will review all of the written material, as well as consider questions that arise in its preparation. The membership of the Board is as follows: The Chief Reporter is Stanley S. Surrey, University of California School of Jurisprudence, and the Assistant Chief Reporter is William C. Warren, Columbia University Law School. The Staff in addition will consist of several full time assistants and a larger group of part time Assistant 'Reporters. Mr. Tweed, President, and Judge Goodrich, Director, of the Institute, will participate ex officio in the conferences of the Advisory Board. III. Scope-of Projlect The Project involves a complete redrafting of the federal income tax in the interests of modernization, improvement and simplification. Fiscal policy questions of broad i weep, as the level of rates and ex- emptions, fall outside the area o? consideration. Presumably, other im- portant fiscal policy questi.ons That lie close to the line dividing such issues from major technical policy matters will also not be considered. Apart from these fiscal policy que3tions, however, the revision will con- sider matters of policy. The revision is not merely a codification, nor a restatement. It is intended that consideration be giren to departures from present tax policies in the technical provisions where such de- parture will provide needed improvement. The nature and extent of such chanr:es in existing tax policy and the new policies to be adopted are mat- ters which the Staff will present to the Advisory Board for its decision. It is probable that in a number of cases the roard may consider that a change in present policy, while desirable in many ways, is rn balance inadvisable. It must be remembered that the objective is a revision that will lie within the boundaries of governmental and political realities.

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