History and Brief Outline of Renegotiation
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Produktbeschreibung
Excerpt from History and Brief Outline of Renegotiation: Prepared by the Staff of the Joint Committee on Internal Revenue Taxation for Use of the Committee on Ways and Means, April 27, 1959 The purpose of the Renegotiation Act of 1951, as declared in the opening section of that act, is to eliminate excessive profits from contracts made with the United States, and from related subcontracts, in the course of the national defense program. To accomplish this purpose the act prescribes certain factors which are to be taken into consideration in determining the excessiveness of profits, and directs that all excessive profits so determined be eliminated. Three points in the history of renegotiation are particularly pertinent to an understanding of the present situation. First, renegotiation is an after-the-fact examination of the contractor´s profit and performance on all renegotiable business in a fiscal year. Renegotiation was established in the Renegotiation Act of 1942 as a method of lowering excessive prices on a contract-by-contract basis. Renegotiation of individual contracts and subcontracts involved serious practical difficulties and also proved unfair to contractors who were not able to offset losses against profits. Overall renegotiation of profits on a fiscal year basis was provided by the Revenue Act of 1942. It has been on that pattern ever since. Secondly renegotiation was first proposed as a wartime measure and was terminated at the end of 1945. It was in effect again during the war in Korea. The Congress has in the past, however, considered it an appropriate measure in a semimobilization period. Thus, renegotiation was applied on a limited scale from 1948 to 1951 and the broad 1951 act was extended by the Congress in 1954 and again in 1955, 1956, and 1958. Presently the act will expire June 30, 1959. Finally, renegotiation is one of several defense profit-control measures. The formula profit limitations of the Vinson-Trammell provisions were first enacted in 1934. These provisions, now inoperative, would come into effect if renegotiation were terminated. Various price redetermination provisions used in defense contracts also serve to recapture profits. At the present time all contracts with departments named in the act, and related subcontracts, are subject to renegotiation, except those contracts which are specifically exempt. Sales on contracts so subject must be reported to the Renegotiation Board in Washington. Such reports showing renegotiable sales under $1 million are automatically exempt. Firms with over $1 million of renegotiable sales must file a detailed information return. These returns are screened and those that are found to have no excessive profits are eliminated, and the contractor is so notified. The remaining filings are sent to the regional boards where either a specific determination of excessive profits is made or a clearance granted. 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.
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