Word: lifo
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...recall testimony that filled 108 volumes. The judge's 81-page instructions gave them such helpful hints as this one: "You may wish to reject an inference of predatory intent if you find that a substantial motivation of Brown & Williamson's entry into black and white cigarettes was LIFO decrement avoidance tax benefits." No surprise -- the stymied jurors fell back on guesswork before awarding Liggett $49.6 million...
...many a U.S. corporation, LIFO is a magic formula in times of inflation. It cuts their profits for tax purposes without taking a penny out of their coffers. Under LIFO-pronounced lie-fo and standing for "last in, first out"-the Government permits inventory to be figured by the cost of the last stock bought during the year, on the theory that it is the first to be sold. Thus the profit on an item costing $2 in January and $3 in December is figured on the basis of the higher cost, thus a lower tax. Though designed...
...during inflation, when costs are steadily rising, many stores prefer it because it guards them against higher taxes should inventory costs begin to fall. Companies cannot switch back and forth; Government permission is needed to do so. Gambling on continued price rises, Macy's asked permission to use LIFO in 1942. The Government refused, but in 1947 allowed a Baltimore department store, Hutzler Brothers, to file under LIFO after the store won its case in federal tax court. Soon after, Macy's began paying taxes under LIFO, won the Government...
...than usual, and with feet a whole lot clumsier. You bump into them, you step on them, you ignore them, but all in vain, for they are all up in the ozone about their coming informal hop. Nothing matters anymore. What if Osage is practically bankrupt, who cares about Lifo or Fifo, aren't they going to take a real live girl to their first Harvard dance? And so it goes, just showing you what an important event tomorrow night's affair at the Parker House is going to be. You all know what a success our dance...
...Lifo comments editorially on the diary of the late Mr. Charles Francis Adams, quoting: "I have tried Boston socially on all sides; I have summered it and I have wintered it; tried it drunk, and tried it sober; and drunk or sober there's nothing in it save Boston." The paper continues on its own responsibility...
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