Word: carrybacks
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...nearly double the 65 issued in the last year of Bill Clinton's presidency. Lawmakers, too, have passed tax changes and are pushing for more, which will save corporations billions of dollars this year. One of the biggest windfalls could come from a proposed change in the so-called carryback rule, which would fatten the tax rebate companies get when they have losses. The extension would be similar to one that was passed after 9/11...
...Extend the carryback of losses for tax purposes from one year to two, to "benefit established companies which become distressed," while retaining the present provision permitting losses to be carried forward five years...
...broke trying to get other people to see it." Last week the Tiger Line thought that people were beginning to see things its way. On a gross of $4,964,168, some 60% higher than last year, the line reported a $500,346 net profit (including a $183,500 carryback credit) for the fiscal year ended June...
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...