Word: liquor
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Dates: during 1940-1949
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...Smugglers who carried liquor in the legs of their boots in 1889 became known as bootleggers...
Within the past month one big liquor deal has gone through: Seagram's $43,000,000 purchase of a 95% interest in Frankfort Distilleries. Two other big deals are bruited: Allied Mills may sell its whiskey subsidiary, Century Distilling Co., for around $28,000,000; Park & Tilford is dickering for Brown Forman. In all these deals the buying price is more than $100 per barrel of whiskey stocks-a good deal more than their value on the books of the small fry selling...
Cash for the Little Man. For the small fry, that kind of cash on the barrelhead is a huge inducement: if they hang on and sell their liquor themselves, they are liable to excess-profits taxes running up to 90%. But if they sell out, they will merely pay the 25% tax on long-term capital gains. But for the big companies with low inventories, who must maintain their competitive positions, the reverse is true: almost any way of acquiring more well-aged whiskey stocks makes sense. Example: Seagram is the No. 1 North American liquor company in sales...
State governments, which expected the war to ruin their finances, discovered last week that their tax receipts will reach an alltime high of $5,099,000,000 this year. The Federation of Tax Administrators reported that booming sales of liquor and cigarets have nearly made up for loss of gasoline taxes; personal income taxes have jumped $61 million, corporation income taxes $118 million...
...cognac, gin, rum and Scotch for a North Ireland officers' club, with no offsetting credit for resale of the liquor; other charges running into the millions for refundable items or for goods on which the price was later reduced...