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...late September, just after Congress defeated the first bailout bill, the IRS issued a notice to change that rule to allow banks to significantly lower their taxes when they purchase other banks. Now, after an acquisition, a bank can reduce its IRS bill by claiming that loans on the books of an acquired rival are worth far less than the previous owners thought, not a hard claim to make these days. The acquirer can deduct from its taxes the full amount of the write-down. Before it could only lower its taxable earnings by a small percentage of the write...
...days, and you can roll the loan over three times in one year, tax-free. Willens says it's hard to put a number on how much the change will save companies but that it is substantial. "It's quite a large savings," says Willens. "Not only does it lower taxes, but it also allows companies to borrow more cheaply from their subsidiaries...
Perhaps the biggest tax windfall that corporations will get this year and next is from a proposed change in the long-standing rule on tax rebates for losses. What's more, companies that don't, or can't, use the losses for rebates now will be able to significantly lower their taxes for as long as 20 years, when they return to profitability...
...studies had hinted that vitamins may protect against prostate cancer (as well as other cancers), but the data were conflicting. In a trial involving 29,000 Finnish subjects in which researchers tested whether vitamin E could reduce lung cancer in smokers, those taking the supplements did not enjoy a lower rate of lung cancer but did develop 34% fewer cases of prostate cancer compared to controls. In the same study, subjects taking supplements that contained a form of selenium also showed a 63% lower risk of developing prostate cancer. But a separate trial of 7,000 heart patients found that...
...were cigarette smokers, and may have suffered more oxidative damage in their cells than the average person. If smoking had caused excessive damage to their cells, then they would be more likely to benefit from any antioxidant effects provided by the vitamin supplements. In other words, perhaps people with lower levels of the vitamin in their blood to start - whether or not it was due to smoking - might benefit more. Nelson's own work in a smaller study in Baltimore suggests this might be true. He showed that the protective effects of vitamin E against prostate cancer followed...