Word: deductability
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...singing, but he had a friend who was: Bing Crosby. Bing, a pheasant-hunting crony of Welker's for 15 years, took time out from his Idaho vacation to sing the praises of Welker Republicanism. Crosby spread a Republican dinner for his pal, saying he hoped to "deduct it from my income tax, and make the Democrats pay for it." Said Crosby...
...Hollywood's mind. Moviedom's tax-bitten stars thought they had found a sure-or almost sure-way out of their troubles in the high tax brackets. If they struck oil, they could deduct 50% to 75% of the drilling expenses from their income, and later deduct 27½% of their annual gross from the well, as "depletion." Moreover, they could sell the well later and pay only a long-term capital gains (25%) tax on the profit. If the well was dry, they could write off the whole cost as a loss, thus cut down taxable income...
...Allow stockholders to deduct 10% of their dividends from their income...
...Manhattan, Rootes Motors, Inc. rented out its British-made Hillman autos for as long as two weeks with gas and oil free (minimum weekly charge: $65) and promised to deduct rental payments if the renter bought the car ($1,795). Like other British automakers, Rootes also offered tourists the chance to pay for a car in the U.S., pick it up and drive it in England this summer, and have it shipped back free of charge...
Meat. The Tax Court of the U.S. ruled that merchants who paid black market prices for merchandise during OPA days can deduct such illegal payments as a cost of doing business. For Houston's black-marketeering Select Meat Co., in the test case, the ruling meant a $60,000 tax saving...