Word: deductable
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...HUDSON, onetime member of the New York Stock Exchange, owns 78% of a company in Newfoundland, the rest belonging to his brother and a close friend. Last year he lost $130,000 on the sale of securities. According to the income tax law a taxpayer cannot deduct losses beyond $2,000 unless they are balanced by corresponding profits. Rather than let his loss (tax credit) go to waste, Mr. Hudson sold other securities to his Newfoundland company for a profit of $130,000. Later if and when that company sells those securities it will not have any taxable profit...
...Exchange's constitution provides death benefits for members deceased-$15 from each surviving member. Last week small-trading members whose summer budgets were already a problem had to deduct their shares of $20,000 or so for the estate of the man who made more money than any man who ever lived. Efficient budgeteers were prepared for this contingency, however. On an average, 14 Exchange members die every year...
...Federal inheritance tax. Since liquidation of this property involves the sale of a large block of shares of the Milwaukee Journal, a transaction of uncertain magnitude, the amount of Mrs. Nieman's share is still not definitely known, but is probably around $5,000,000. Federal taxes will deduct about 50%, leaving $2,500,000 as an estimated sum which would have been realized by Mrs. Nieman had she lived...
...membership probably failed to pay dues. Under the New Deal's NRA, U.M.W. suddenly gained 200,000 members which it has managed to keep, now represents 95% of the industry. On mine operators John Lewis riveted the "check-off"-that potent device whereby employers automatically deduct union dues from payrolls, turn the proceeds over to the union, which is thus kept strong and well-fed. Result: U.M.W. today has a war chest of some $2,000,000. From 1934 John Lewis can date his ambition to reorganize the traditionally craft-built A. F. of L. on industrial lines, like...
...same period through March 1935. Those figures were not for the entire Bell System, earnings of which were reported only through February. But to find out what the parent company's profits were for the March quarter, an A.T. & T. stockholder had to 1) deduct earnings for the first three months of 1935 from earnings for the calendar year 1935; 2) then deduct the resulting figure (profits for the last nine months of 1935) from the twelve-month earnings reported by Mr. Gifford last week. A similar mathematical bout would be necessary to figure out the Bell System...