Word: deductability
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...businesses, the committee decided to recommend an investment tax credit of 7% on capital goods ordered after April 1. The measure allows corporations and individuals who make capital investments to deduct 7% of their cost from tax bills. Nixon had asked for credits of 10% for one year and 5% thereafter. The committee's action, when combined with such other modifications as the extension to small firms of the tax incentive on purchases of used equipment, does not alter the estimated total tax reduction-about $2.8 billion annually...
House Masters have approved a proposal of the Committee on Houses and Undergraduate Life (CHUL) allocating a total of $135,000 for a meal pool to the 13 Houses. Each meal eaten by a tutor will deduct $1.65 from the pool of his House...
...starting a 60-day study that would decide whether to revoke the tax-exempt status of public-interest firms such as those taking corporations to court on pollution and consumer issues. At the same time, the IRS froze applications pending the study's completion. Although corporations routinely deduct legal fees as business expenses, IRS officials suggested that the law firms' tax exemption may wrongly support only one side to a lawsuit in cases where the public interest is unclear. But regardless of the outcome of a suit, says Dean Bernard Wolfman of the University of Pennsylvania Law School...
...cautious guidelines. Colleges that lend a substantial portion of their facilities to groups backing specific candidates or legislation may compromise their legal status as educational institutions and forfeit their exemption from local property taxes and federal taxes on endowment income. This would also cancel their contributors' right to deduct gifts from their tax returns. Also in danger of losing their educational status: colleges that shorten rather than rearrange their schedules thereby, in effect, allowing students and faculty to campaign on school time...
Harvard is forced to deduct the surtax on salaries monthly, but taxes on royalties and honorariums must be assessed privately every year by the April 15 tax deadline...