Word: deductions
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Timely Tips. One recent article offered some timely tips for income tax-conscious academics (to deduct professional travel, get a supervisor's approval and keep a diary). Another followed up the responses of eight Boston universities involved in last year's term-paper scandal, in which hundreds of students bought papers from "term-paper factories"; the Chronicle reported that five schools (Boston College, Harvard, M.I.T., the University of Massachusetts and Northeastern University) took no action at all against the students involved. Last week the paper printed a thorough compendium of faculty salaries at more than 1,500 colleges...
...opened hearings on oil taxes last week, says he has told oilmen that they receive unwarranted special preferences. The Nixon Administration has proposed a "windfall-profits tax" (actually an excise tax on sales), and will also seek to limit the amount of foreign tax payments that oil companies can deduct from their U.S. taxes. Treasury Secretary George Shultz calculates that if the limit were in effect now, oil companies this year would pay $400 million more in U.S. income taxes -about as much as Exxon will spend to expand the Baytown refinery. The windfall-profits measure will die if Congress...
...provide their employees with an insurance plan that would include hospitalization, major medical protection and coverage for "catastrophic" or long-term disabling illnesses. The bill would also require employers to pay 75% of the costs of this program; employees would pay the remaining 25% and would be able to deduct part of their payments on their federal income tax returns...
DEPLETION ALLOWANCES. These permit an oil or gas producer to deduct from his taxable income up to 22% of the gross revenues derived from his well...
FOREIGN TAX CREDITS. These permit a company to deduct from the U.S. taxes due on its foreign income the income taxes that it pays to foreign governments. The aim is laudable: to prevent double taxation. But there is a catch. Many oil-producing countries mislabel part of the royalties that they charge on each barrel of oil as taxes, in order to create a U.S. tax credit for the oil companies. If the oil companies were forced to treat the disguised royalty as part of the cost of doing business-as other companies must-they would be able to deduct...