Salt Lake Telegram | 1934-09-10 | Page 20 | U. S. Revenue Agents Rapped

a U U. S. S REVENUE AGENTS RAPPED SS J Senate Committee Charges Laxity in Acc Accepting I I rr S Tax Returns 3 S C I- I WASHINGTON Sept 10 P The P The SS A e banking committee charged internal revenue agents today with laxity in enforcement for acceptIng accept acceptS Ing without examination income tax returns prepared by J. J P. P Morgan Morgan Morgan Mor Mor- gan and Company A lengthy review of evidence that tha officials of the Morgan company Kuhn Loe Loeb and Company and the National City elly Bank of New York avoided a income taxes by a variety of methods was pre presented by the committee a The fiLth fifth installment of the committees committees committee's commit tees tee's report on its stock market in said the internal revenue gen agents s accepted prepared Morgan returns returns returns' re re- rc- rc turns turns' on oWn the assumption that prep prep- ration by that firm ipso facto I listed d' d the correctness Many returns particularly of partners partners part ners in large banking houses were exempted from adequate scrutiny the committee said aid When examinations were made the time lime devoted to them was comparatively comparatively alively short in view of the wealth of the taxpayers and the complex nature nature nature na na- ture of their transactions Thus ThUSy in 1930 according to the bure bureaus bureau's bureaus bureau's bu bu- re reau's us u's own records one day was spent pent in c checking ecking the pa partnership return return return re re- turn of J. J P P. Morgan and Company Compan and Drexel and Company the Company the most powerful banking group in the world This return was not subjected to any field yield examination and apparently apparent apparent- IS ly the agents agent's explanation was sufficient sufficient dent t to satisfy the int internal revenue bureau that none was necessary