Word: pretax
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...equipment, the greater the amount charged against its assets to provide for depreciation and thus the lower its reported profits.) In Britain, where double-digit inflation has prevailed since 1973, replacement-cost accounting will be required by 1978; by one estimate, conversion to the system will reduce the reported pretax profits of companies there by an average of 45%. In the U.S., where inflation in recent years has never exceeded 12% for any length of time, the effect on profits would be less pronounced. Yet it would still be sizable, especially for capital-intensive industries such as steel...
...last; the other Mondavis soon asked Robert to stop using the family name as a label (he refused). Meanwhile, Krug prospered under Peter's direction, but an involved tax situation held down the family's share of its earnings. In 1972, for instance, Krug earned $1.9 million pretax, but the family partnership netted only $332,525 of that. Peter proposed forming a new partnership that would ease the tax bite-and, not incidentally, reduce Robert's share to 10%. Robert refused to join, so the other Mondavis went ahead without him. Robert promptly sued, contending that...
Spending Money. At the start of 1976, most economists projected a 25% to 30% rise in corporate profits for the year as a whole. Now guesses range from 30% to 35%. The Wharton School of the University of Pennsylvania foresees pretax corporate profits running at a record annual rate of $168.4 billion in this year's last three months (see chart). If that happens, the recovery may gain even more steam. Higher profits give corporations the money to step up spending on new plant and equipment, which so far has been dragging...
...redoubtable longtime chief Brigadier General David Sarnoff, quit his $326,000-a-year post after the corporation's directors refused his request for a salary boost (TIME, Nov. 17, 1975). The event had all the earmarks of a boardroom putsch. Since 1971, when RCA absorbed a $490 million pretax loss in selling off the computer business that had been Bobby Sarnoff s brainchild, there had been widespread rumors about various directors' dissatisfaction with their chairman...
...started by dumping the business-machine division. It includes data-processing equipment, electronic cash registers and calculators, and has lost about $60 million since 1970. Singer thus joins a large number of corporations that have dropped out of the costly, brutally competitive computer business: notably, RCA, which took a pretax write-off of $490 million in 1971; Xerox Corp., which wrote off $84.4 million last year; and GE, which...