Abstract The primary benefit accruing to farmers' cooperatives are the right to exemption from federal income taxes and the right to use the hank for cooperatives. Several federal statutes define and describe the prerequisites for these benefits. The most important of these provisions is found in Section 101 of the internal-revenue code dealing with exempt organizations and, more specifically, paragraph 12. The exemption from federal taxation is not automatic and it is not sufficient that the organization qualify as a matter of operation and organization. Form 1028, Exemption Affidavit, must be filed with the U.S. Treasury Department and a definite letter must be received from the Department before the exemption is effective. This form is an informational form and requires data as to the provisions of by-laws, charter, marketing agreements, etc. If the request filed after the beginning of operations, a detailed balance sheet must be submitted as well as a "classified statement of the receipts and disbursements'' during the current year. Unless the Commissioner has determined that an organization is exempt, it must prepare and file an income-tax return for each taxable year of its existence. A large number of farmers' cooperatives are not tax exempt. Many associations may not be so organized as to meet the specific qualifications for exemption. In other cases the associations may prefer to have a nonexempt status if management and owners believe that it is more advantageous to be taxed than to meet the statutory conditions of exemption. It is possible for these associations to be organized and operated is such a way that there is little taxable income.

Abstract Reviews the book "Annual Reports to Stockholders," by N. Loyall McLaren.

Abstract Because the major job of constructing weapons is generally publicized as the primary function of the U.S. Atomic Energy Commission, (AEC) people in general do not realize how many other facets there are to AEC activities and few accountants know what a challenge it has presented to their profession. 'The Atomic Energy Act of 1946 provides that, "subject at all times to the paramount objective of assuring the common defense and security, the development and utilization of atomic energy shall, so far as practicable, be directed toward improving the public welfare, increasing the standard of living, strengthening free competition in private enterprise, and promoting world peace." Fortunately, these broad objectives are related. Most of the accomplishments of AEC are useful not only for defense but for peacetime purposes. Much accounting effort is required for the various types of research undertaken through AEC financing. Although this research is directed primarily to improving the processes for producing the materials that AEC is in business to manufacture, large sums are also expended for medical research and basic scientific research.

Abstract This article presents a report of the Task Committee, American Accounting Association on the standards of accounting instruction. From its inception, the American Accounting Association has been concerned with accounting education. This interest has been manifested in various projects and special committee activities undertaken by the Association, alone and jointly with other groups. One of the Association's special task committee in the area of education is the Committee on Standards of Accounting Instruction. It operates in cooperation with, and as a task force of, the Joint Committee on Education. The first project of the Committee on Standards of Accounting Instruction was a questionnaire study of the undergraduate courses taken by accounting majors. The questionnaire was carefully prepared and tested before being released. It was sent to most of the colleges and universities in the U.S. , which offered a major or concentration in accounting in an undergraduate program. The study indicated that the largest school in the sample graduated 837 students in 1954 with bachelor degrees in business. It was notable that 1954 saw less than half as many accounting majors graduating as in 1950. The decline in degrees in business was considerably sharper than for all bachelor degrees. The Committee felt that course work in cost accounting is properly required by nearly all schools