Word: deducting
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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...
...charity, are especially valuable for people with fluctuating incomes who want to lower their tax bracket in good years, but regain the funds at a later date. The taxpayer can set up a trust for a church, educational organization or hospital for as short a period as two years, deduct the income from his return, then take back both his securities and the income at the end of the trust period. The benefits are so big that organizations have been formed in Cleveland, New York, Chicago and San Francisco for the specific purpose of helping taxpayers save money...
...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...