Word: deductable
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Dates: during 1950-1959
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Starting with a basic provision in the tax law of 1954, which allows any taxpayer to donate up to 30% of his income to certain charities and count the gift as a tax deduction, smart tax lawyers have refined an endless series of methods to help clients reduce tax payments, or in some cases even make money. Texas oilmen and other mineral producers can donate part of their future production to charity, deduct both the expected income and the total value of the gift (since reserves are also being depleted) from their taxes. This "double deduction'' enables...
...firms are permitted to deduct foreign taxes from their U.S. tax load, but in Aramco's case, the argument is whether the money Aramco pays Saudi Arabia is a tax or a disguised royalty. The difference is important. Royalties paid abroad can be deducted as business expenses before a company figures the net on which it pays U.S. taxes; direct foreign taxes, on the other hand, can be deducted from the tax bill itself, thus greatly reducing-or wiping out-the company's U.S. tax liability...
...SAVING BILL to step up investments in small business by allowing quick write-off of investment losses will be sent to Congress by President Eisenhower. Investors would be allowed to deduct all or large part of losses from taxable personal income in single year-current limit is $1,000 a year for five years. Bill faces rough going because it would most benefit high-income brackets...
...royalties" and jobs for hangers-on, Nasser set up a new state "Economic Organization." Since most of the firms' Egyptian assets consisted largely of operating capital, office equipment and warehouse stock, Nasser acquired only their going value. Nasser promised to pay compensation, but hinted that he might first deduct claims against Britain and France for war damage. Hardest hit: the British-owned Barclays Bank, which owned 44 branches in the country...
...compromise solution that both businessmen and Government tax lawyers are exploring is a more liberal depreciation rate, which would let any expanding company deduct up to 50% of the cost of any new asset in the first five years. While such a program might not satisfy heavy industries, it would at least ease some of the pressure of increasing obsolescence and spiraling inflation, though some critics argue that it would bring a temporary tax loss for the Government. After a study of tax write-offs, Virginia's Senator Harry F. Byrd, chairman of the Senate Finance Committee, says that...