Word: deductability
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Such a circumvention was devised at the White House last week for the Law of 1875 which was holding up about $110,000,000 in bounty payments to planters who had plowed under their cotton (TIME, Aug. 21). That law required the Government to deduct old debts due it by a claimant before paying out any claim. It was adroitly sidestepped by having cotton bounty checks made out to the joint account of debtor farmers and the Governor of the Farm Credit Administration. No farmer could cash his check without the consent of Governor Morgenthau. Governor Morgenthau promised to withhold...
...deposits, $100,000,000 in cash and call loans, $150,000,000 in U. S. bonds, $50,000,000 in municipals and other bonds, the rest in loans and stocks. From the profit in the difference between say 1% paid on deposits and say 3% earned, deduct clerical expenses and overhead (less than for most banks because there are few small transactions) and add brokerage commissions. There is Morgan & Co.'s "straight banking" and brokerage profit, probably $8,000,000 a year more or less, a safe and satisfactory business...
...Washington last week the Board of Tax Appeals denied the plea of Actress Lenore Ulric that she be allowed to deduct $11,130 from her taxable income for the years 1927-28. Wooly-headed Miss Ulric, celebrated for her ability to create furor onstage, was quoted as saying that she had spent this sum for strictly business purposes, "entertaining newspaper critics and others...
Under the present law's profit & loss provision a taxpayer who lost capital assets in stock or real estate transactions could deduct them from his taxable in come. The House plugged up this escape when it provided that a taxpayer could not deduct losses in excess of his profits within the same year. Example : a speculator loses $90,000 on one stock and gains $10,000 on another. This year he could trim $80,000 loss from his tax return; next year he can trim only $10,000. If his profits are nil, his deductions are nil. The Treasury estimates...
...carried on the liability side of the balance sheet. Most companies that have done this are holding companies or investment trusts. Other companies have used some surplus to write down such assets as plants. By doing this they express plants at their true value and do not have ti deduct such large depreciation charges from earnings in subsequent years...