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According to Texaco lawyers, the IRS claim relates largely to the company's oil dealings between 1979 and 1981. As a member of a consortium known as the Arabian American Oil Co. (Aramco), Texaco bought crude from Saudi Arabia for $28 per bbl., even though the official going rate was $32 per bbl. The IRS appears to be saying that Texaco should have considered the $4-per-bbl. price break to be income and paid taxes on it. The other members of Aramco -- Exxon, Chevron and Mobil -- could also face penalties, but they have not heard from the taxman...

Author: /time Magazine | Title: BANKRUPTCIES: The Taxman Rings Twice | 1/25/1988 | See Source »

...week. In one scheme, Drexel Burnham would help finance U.S.-Soviet medical ventures that could reap profits from Soviet advances in eye surgery and cancer treatment. Pitching another idea, Milken proposes that the Soviets take advantage of their plentiful commodities by issuing bonds backed by stockpiles of gold or crude...

Author: /time Magazine | Title: INVESTMENT BANKING: Mikhail, Meet Comrade Mike | 1/18/1988 | See Source »

Much of the ugliest architecture is in and around the City, London's financial district. Some of the worst examples: the crude, polygonal Stock Exchange tower; the gloomy, 35-acre concrete jungle of Barbican Center, which includes apartments, shops, offices and a cultural center; and the cheap glass series of towers constituting London Wall. In other London districts examples also abound, many built with public funds. One of the least distinguished is the coarsely slablike headquarters of the Department of the Environment, which may help explain its failure to advance the cause of quality architecture...

Author: /time Magazine | Title: Design: Wrecking Wren's London Skyline | 12/14/1987 | See Source »

Lynah's lewd, rude, and crude bunch of students will do anything to rattle an opposing netminder. Chant the goalie's name, label him a sieve (along with other spacious structures) and throw objects that would repulse many...

Author: By Julio R. Varela, SPECIAL TO THE CRIMSON | Title: Devin-ately Back | 12/5/1987 | See Source »

...Though they once were crude and underhanded, they have become much more sophisticated and understanding about the media," Turner said. "They have learned how to cooperate, and in fact they are just willing to talk a lot more...

Author: By Garth R. Wiens, | Title: Soviet Media Coverage Easier Since Glasnost | 11/20/1987 | See Source »

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