Word: deducted
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Mobil's decision was prompted by a change in U.S. tax law that was intended to drive American companies out of South Africa. Since last year U.S. companies can no longer deduct from their American tax bills the taxes they pay to the South African government. That change, which cost Mobil millions in 1988, finally broke its stubborn resolve to stay. Said Mobil Chairman Allen Murray: "This was a difficult decision because we continue to believe that our presence and our actions have contributed greatly to economic and social progress for nonwhites in South Africa...
...incentive allows a company sponsoring an ESOP to deduct not only the interest on the loan to buy stock for the plan but also the principal. Another tax break gives banks and other lenders a 50% deduction on their income from ESOP loans, which enables them to charge lower interest rates to companies that borrow for such programs. "These are the kinds of tax incentives that corporate owners dream of," says ESOP expert Joseph Blasi of California Polytechnic State University in San Luis Obispo...
...Permit free-lance writers, photographers and artists to deduct expenses of a project even before it begins producing income...
Allow livestock farmers to deduct expenses of producing an animal even before it became productive; this would wipe out what has become known as the "heifer...
City residents who live in houses, rather than owning them as investments, can now deduct 20 percent of that average--a fixed sum of $59,499--from the assessed value of their property. What's left is the sum on which they must pay taxes...