Word: dams
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
With the U.S. Supreme Court decision upholding Idaho Power Co.'s private three-dam plan (TIME, April 15), the bitter battle over Hells Canyon seemed over at last. But last week the fight flared anew after the Office of Defense Mobilization granted Idaho Power a fast tax write-off on 65% of the cost of its $67.1 million Brownlee dam and on 60% of its $35.9 million Oxbow dam. In effect the write-off gives Idaho Power an interest-free loan of about $30 million for five years...
...Virginia's conservative Democrat Harry F. Byrd, whose Finance Committee quickly began hearings on his bill to limit all federal fast-amortization plans to defense, AEC and research projects. "A shocking political theft," added Oregon's liberal Democrat Wayne Morse, whose bill calling for a public power dam at Hells Canyon was defeated in Congress last July 51 to 41. It was promptly reported out of the Senate Interior Committee by Montana's Democratic Chairman James E. Murray as "our answer to the Administration's action...
...write-off was hardly a "political theft" since 913 power projects, including some in Byrd's own state, have received similar tax breaks in the past seven years. Furthermore, while the company will save in taxes in the dam's less profitable early years, its depreciation deductions will later shrink just when its profits rise, and eventually it will pay the tax saving back...
...gave public powermen a new issue. They pointed to the case of the Northwest's Washington Water Power Co., which got a fast tax write-off on its Cabinet Gorge dam project. The company told stockholders that 71% of their most recent dividend was due to fast amortization, could be reported as a capital gain...
...Occidental College senior had the bar set at 15 ft. 9 in., cleared it by almost 4 in. Later measurement showed that the bar had sagged to 15 ft. 8¼in., still one-half inch above Cornelius Warmerdam's 15-year-old world outdoor record. Warmer-dam, for one, had seen the new heights coming. Just the week before, at 40, he had cleared 13 ft. with a Fiberglas pole, said that at 25 the new pole would have pushed him to 16 ft. ¶ Russia's Vassily Smyslov, an aspiring concert baritone, needed only 22 games...