Word: carryback
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Dates: during 1940-1949
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Consolidated Vultee Aircraft Corp. had $348 million in orders, expected to take two years to fill them. But Convair, strikebound for some three months during the year, reported a deficit of $1.8 million for the first nine months after applying a carryback tax credit of $4 million. Also losing money was Republic Aviation Corp., which had 26 firm orders for its Rainbow but did not expect to start deliveries until late...
...Pennsylvania, which had predicted that it would lose $14.6 million this year, made $9,787,575 in the first nine months v. $90,667,673 last year. Chesapeake & Ohio showed a gain of 6.7% to $20,737,317. Actually, the picture was not as gloomy as it looked. Tax carryback credits will put many roads, now in the red, in the black for the year...
...after World War I (see chart] because the shock of disillusionment in the "postwar boom" was greater. Biggest shocker: the Pennsylvania Railroad would lose money this year for the first time in its loo-year history, unless it got a 25% freight increase (estimated loss: $14,616,000 after carryback tax credit...
...asking ICC for the boost, which all the railroads want, New York Central's Gustav Metzman also painted a dark picture. Said Metzman: even with the increase, the New York -Central will lose $18,652,000 next year, will have no carryback credits to soften the blow. Reason: the costs of wages and materials of rail roads, and all industry, have soared since war's end far beyond estimates...
...after hearings. And it will probably be whittled down to somewhere around 18% to 20%. ICC will probably point out that the roads are not as badly off as they seem, because: 1) the railroads, hard hit by the wartime excess-profits tax, will get large refunds under the carryback if taxable earnings drop sharply; 2) fixed charges will be some $100 million less than in 1941; 3) railroad debt has been steadily reduced during the war years...