Word: deductable
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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...
...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 In addition, in 1969, Congress was debating the law that took effect on July 25,1969, making such gifts no longer valid as tax deductions.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...
...mortgage financing elsewhere. Witkin Homes in Denver guarantees buyers who balk at today's high interest rates that they can refinance their mortgages once within the next three years if rates drop. Homewood Corp. of Columbus will give a buyer free paint for his new house, then deduct from the down payment the labor cost of spreading it on the walls...
...change the investment tax credit−which currently allows businessmen to write off 7% of their expenses for new capital equipment−to flexible levels, varying from 3% to 15% of such investments. Again, the idea is to stimulate the economy in slack periods by letting firms deduct a big chunk of their new investments, and to slow it down in overheated times by withholding the credit privilege almost entirely...
Ownership also provides significant tax savings. When reporting his Federal income tax, a homeowner may deduct interest payments made on his mortgage...