Word: newfoundlanders
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Dates: during 1930-1939
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...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...
...American and Imperial Airways simultanteously began passenger service from Port Washington, L.I. with one plane apiece each way per week.† This week Imperial was scheduled to send a flying boat on first test hops all the way across the Atlantic between the new airbases at Botwood, Newfoundland and Foynes, Ireland (TIME, Nov. 30; March...
Bill of Particulars. Mr. Morgenthau listed eight kinds of tax-dodging, all of which he classed as "moral fraud": 1) setting up personal holding companies in the Bahamas, Panama, Newfoundland and other places from which tax money cannot be extradited; 2) buying one-payment life insurance (from a Bahama company), borrowing back the "payment" and claiming tax deductions for interest paid on the loan;* 3) establishing personal holding companies in the U. S., which in spite of special taxes still pays those who are rich enough; 4) incorporating yachts, town houses, country estates, racing stables so that their operating losses...
...Henry Tindall ("Dick") Merrill, whom no less an authority than War Ace Eddie Rickenbacker calls the "best transport pilot in the U. S." Last summer Dick Merrill flew Crooner Harry Richman to England, was forced down in Wales (TIME, Sept. 14). On the return trip he cracked up in Newfoundland, got embroiled in a tawdry, name-calling squabble with Richman, to whom he no longer speaks (TIME, Sept. 28). Back on his regular run for Eastern Air Lines, Dick Merrill next made news by wrapping his ship around a mountain, miraculously without injury to his eight passengers (TIME...
According to Colonel Johnson, the Post Office will soon invite bids for four transatlantic mail flights a week. Route in summer will be from Ireland across the Atlantic to the big new airport near Botwood, Newfoundland (TIME, March 1), where it will split into two legs, one going straight down the coast to New York with a stop at Shediac, N. B., the other to Montreal and then down the Hudson Valley to New York. In winter the planes will fly via the Azores and Bermuda...