Word: deductable
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Dates: during 1970-1979
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...opened hearings on oil taxes last week, says he has told oilmen that they receive unwarranted special preferences. The Nixon Administration has proposed a "windfall-profits tax" (actually an excise tax on sales), and will also seek to limit the amount of foreign tax payments that oil companies can deduct from their U.S. taxes. Treasury Secretary George Shultz calculates that if the limit were in effect now, oil companies this year would pay $400 million more in U.S. income taxes -about as much as Exxon will spend to expand the Baytown refinery. The windfall-profits measure will die if Congress...
ALLOWANCES FOR INTANGIBLE DRILLING COSTS. These "I.D.C.s" are the noncapital costs of drilling an oil or gas well, including wages for workmen and rental fees for equipment. Oilmen can deduct these costs from their taxable income immediately, rather than spreading the deductions over the years that the well is in operation. The Treasury Department figures that, in 1972, I.D.C. deductions saved the oilmen $600 million in federal income taxes...
DEPLETION ALLOWANCES. These permit an oil or gas producer to deduct from his taxable income up to 22% of the gross revenues derived from his well...
FOREIGN TAX CREDITS. These permit a company to deduct from the U.S. taxes due on its foreign income the income taxes that it pays to foreign governments. The aim is laudable: to prevent double taxation. But there is a catch. Many oil-producing countries mislabel part of the royalties that they charge on each barrel of oil as taxes, in order to create a U.S. tax credit for the oil companies. If the oil companies were forced to treat the disguised royalty as part of the cost of doing business-as other companies must-they would be able to deduct...
...succeed him. But Nixon had already given a batch of his papers to the U.S. in 1968 and was well aware of the procedure. In addition, in 1969, Congress was debating the law that took effect on July 25,1969, making such gifts no longer valid as tax deductions. Though Johnson, who had just left office, had presidential papers that certainly would have been worth millions of dollars, he elected not to take advantage of the lame-duck law and did not deduct them from his income tax. Nixon had no such hesitation. He made the bequest and took...