Word: partnerships
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Dates: during 1930-1939
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President George Sloan of the Cotton Textile Institute walked into the White House last week a proud and happy man. His trade association was well aware that the National Recovery Act-by which Government and business were to enter a "partnership" in fixing minimum wages, maximum hours of labor, volume of output and prices-had passed the House, headed for the Senate. Forehanded, Mr. Sloan slapped down on the President's desk a cotton textile code. President Roosevelt's criticism of the cotton business, which he singled out in his radio address last month as an industry...
Charles M. Schwab and his Iron & Steel Institute last fortnight "gladly accepted" the Roosevelt "partnership." And last week the following industries, through their trade associations, were swinging into line: Southern Pine Manufacturers, National Retail Dry Goods Association, Merchants Ladies' Garment Association, Musical Merchandise Industry, Marketing Devices Industry, National Electrical Manufacturers Association, Independent Petroleum Association of America, Anthracite Institute, American Oil Burner Association...
...partnership papers of the House of Morgan, so arcane that even Lawyer Davis had never seen them, disclosed that Partner Morgan was the firm's supreme arbiter, that one partner could veto any proposal, that half of each partner's profits were plowed back into the company, that the name of Morgan must vanish 15 years after the last Morgan leaves the firm. Though the committee withheld the partners' shares in profits, it was generally understood that Partner Morgan...
...there was any advantage in taking the date of Jan. 2 for the readjustment of the partnership, it was to carry on the tax credit on losses into 1933. But that advantage was eliminated by a new tax bill passed last year...
Income Taxes. Q. Did Morgan use the admission of S. Parker Gilbert to partnership as a means of establishing a $21,000,000 loss to avoid paying income taxes in 1931, 1932 and 1933? A. For 20 years the firm has always taken profits or losses by sales of assets every time a new partner was admitted or old partners retired; actually the firm had other losses in 1931 and 1932 so that no taxes would have been paid even without establishment of the $21,000,000 loss.∙ Q. Has not the firm used the capital gains and losses...