Word: deduction
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Dates: during 1950-1959
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...didactic" or training analysis before he can qualify. And even with professional discount, the analysis comes high: average, $20 five times a week for three years. Two psychiatrists, Drs. Arnold Namrow of Washington and Jay Cohen Maxwell of Houston, argued that they ought to be able to deduct these couch costs from their taxable income as either a business expense or a medical service. Last week the U.S. Tax Court ruled against them. The training analysis, it held, is part of the curriculum for which budding analysts sign up to gain "advancement in position," is therefore an educational cost...
...Give tax credit to U.S. firms for foreign taxes that are deferred or forgiven "by foreign governments as an incentive to new productive investment." The U.S. Government should also allow companies to deduct losses that they suffer due to changes in foreign-exchange rates, such as the recent devaluation of France's franc...
...reply, the tax inspector explained that Witte had forgotten to deduct 200 guilders for expenses incurred in getting outside work. "Nonsense," snapped Witte. "My wife helped somebody with housekeeping, and I tutored a neighbor's daughter in mathematics and bookkeeping. We didn't spend a cent getting the work...
...ruled that a state may tax income earned by nonresidents so long as it is not discriminatory. Studies show that non-New York residents may be paying 45% more New York tax than residents with equal income and number of dependents. One big reason: out-of-state commuters may deduct only expenses directly connected with New York earnings. The great majority of them may claim only a flat 10% deduction on gross income or $500, whichever is less. But a New York resident may deduct interest, property taxes, medical costs, some life insurance, gasoline and sales taxes...
...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...