Word: deduction
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...depletion allowance permits the owner of an oil-producing property to deduct 27½% of the gross income from the property in computing the tax liability, with the restriction that the allowance cannot in any year exceed 50% of the taxable income from the property. Yearly cost to the Treasury: about $1 billion. Similar allowances apply to natural-gas wells and, at less generous rates, to most kinds of mineral deposits, from antimony to zircon. What is wrong with the arrangement, as tax reformers see it, is that the owner can keep on taking the deduction indefinitely, even after...
...drug companies volunteered handsomely, and were assured by the Justice Department that their gifts would be considered charitable contributions-at their sales price, rather than at their production cost. Each firm was permitted to deduct such contributions up to 5% of its annual income-and each received a speedy ruling from the Internal Revenue Service on whether it approved the specific deductions requested...
...asked, "Have you a mother?" "She's dead," stammered the artist. Replied Nikita: "She would die a second time if she saw your self-portrait." He spotted another objectionable work. "How much was paid for it?" inquired the Premier. Told the price was 3,000 rubles, he cried: "Deduct it from the salaries of those who approved the purchase...
...Common Market Commission wants all members to do it the French way. The French system does away with double and triple taxation by permitting manufacturer to deduct from his tax bill those taxes already levied on the materials he buys. Each finished product is effectively taxed only on its final value at rates ranging from 6% to 25%. If every body followed this system, there would be less excuse for fat export subsidies...
...most notable feature of the new tax bill that President Kennedy signed into law last week was a provision that permits corporations to deduct from their taxes 7% of their investment in new plant and equipment. This "modernization credit" was designed to encourage capital spending and thus spur the nation's lagging rate of economic growth. But in its October newsletter, Manhattan's First National City Bank forcefully argues that a far more sweeping tax reform will be required to get the U.S. economy really moving again...