NEW RULINCTMADE ON EXCESS PROFIT TAX A cew rslinj tas been made by the treasury department in connection" with the excess profits tax which will be of importance to miniu? companies which have been financed in whole or in part h the sale of fctock donated to their t.-easiries. Tie information is conveyed to the Goldard-Abbey company, public accountants, ac-countants, who have been in correspondence correspon-dence with government officials on the object since an early ruling was brought to their attention by one of their clients. The letter, signed bv Thomas B. Love, assistant secretary of the treasury, under date of January -i. is as follows: . "I have your letter of January 14, 191?, in which you make reference to a recent ruling of the bureau of internal in-ternal revenue, which was to the effect that the amount received for stock lo-bv lo-bv the stockholders is subject to yand protests against such a ruling, as necessitate the liquidation of many companies in order to pay the tas assessed. 'In reply, you are informed that the ??r.'artment has recently reconsidered its former ruling on this matter and now holds that the amount received bv a corporation from the sale of its stock located by its stockholders for the . Purpose of raising funds for develop-"eat develop-"eat and operations is capital and. tnertfore, as sui-h, is not subject to income, in-come, war income or war excess profits tax."