Word: perring
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Dates: during 1960-1969
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...most exasperating tax inequity is the 27.5 per cent oil depletion allowance applied to income from oil and gas property. Designed to compensate landowners for the exhaustion of natural oil deposits in the ground, the allowance originally could not exceed the amount invested. But percentage depletion allowance, begun in 1926, bears no relation to the amount first invested. Instead, the tax-free 27.5 per cent applies to the income from the oil and gas products. Eventual recovery in this manner often goes far beyond the actual investment costs...
...yearly income less than $10,000 would result in repayment of an amount less than the original loan. A graduate earning $7000 per year would pay back a total...
...year obligation. At any time, the student could repay the entire amount of his loan if he also paid commercial interest rates on the money he has borrowed. Andrew M. Gleason, professor of Mathematics and one of the panel's members, said that commercial rates would be about six per cent...
...borrowed $4000 and who obtained a job paying, say $15,000 the year after he graduated might wish to avoid a 40 year commitment that would take a substantial portion of his income each year; he could elect to repay at once the entire $4000 plus six per cent interest...
...money directly from banks; under NDEA they borrow funds from the federal government which were channeled through the college. To increase the banks' willingness to cooperate with GILP, the federal government guarantees each loan and pays part of the interest for borrowers whose families earn less than $15,000 per year...