Word: profitability
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Dates: during 1930-1939
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...GROVES, who through connection with various investment trusts is credited with control of United Cigar-Whelan Stores Corp., had a Bahama corporation and also controlled General Investment Corp. The Bahama company bought General Investment Corp. stock from the public, sold it to General Investment Corp. itself at a profit of $14.50 a share on the transaction. This deal is being looked into not only by the Bureau of Internal Revenue...
...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 on them unless they rise still higher. Mr. Irey...
Simon's Tax was announced to run retroactively from April 1, 1937 for five years. After taking $10,000 as its profit base, it provides generous exemptions in the brackets up to $60,000. Taxpayers with incomes up to that figure can deduct, in addition to their initial $10,000 exemption, one-fifth of the difference between their profits for the year...
Last week furniture men had convincing data on the extent to which they have met their problem, realized their hope. An annual survey of the industry compiled by Seidman & Seidman, top-flight furniture accountants, showed an aggregate net profit of 4.04% on sales of $430,000,000 in 1936, compared to a net loss of .6% on $307,000,000 sales in 1935. This late comeback coincided with a jump in residential building from about 150,000 new homes in 1935 to an estimated 275,000 in 1936. It was the industry's first profitable year since...
...four copies for $1,000. In case a purchaser did not wish to keep this costly reading matter, the contract provided that he might turn over his copy to the Democratic National Committee ''for distribution by them as they see fit" (presumably for resale at a second profit...