Word: deductions
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Dates: during 1930-1939
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Violation of any "conditions" is sufficient cause for discharge and entitles the company to deduct $15 of pay as a forfeit, the money to go to the employes welfare fund. Furthermore, each employe must be fingerprinted...
...Next morning he was in Hyde Park to inspect a new firebreak in his woods, letting newshawks know that his 560-acre tract adjoining his mother's estate is not a gentleman farmer's operation run at a loss which he can deduct on his income tax return (as suggested by his district's Republican Congressman Hamilton Fish), but a timber operation (cordwood, fence posts, Christmas trees) on which he should realize a small profit. With him on this weekend was Author Emil Ludwig, biographer of the great, whose next subject is Franklin Roosevelt...
...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...
Simon's Tax was announced to run retroactively from April 1, 1937 for five years. After taking $10,000 as its profit base, it provides generous exemptions in the brackets up to $60,000. Taxpayers with incomes up to that figure can deduct, in addition to their initial $10,000 exemption, one-fifth of the difference between their profits for the year...
Example: Jones, Ltd. earn $20,000. One-fifth of the difference between that sum and $60,000 is $8,000. So from their $20,000 income, Jones, Ltd. deduct $10,000 plus $8,000 and pay Simple Simon's Super Tax of 5% on $2,000 of profits, over and above their normal...