Word: refundable
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Dates: during 1960-1969
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...offs work this way: a com pany can charge development and modification costs, and losses in market value of its products, (e.g., airplanes) against current expenses. If the company ends up with a net operating loss, it can claim its loss of profits from the Government as a cash refund on its three previ ous years' back taxes. If this is not enough to cover its losses, it can offset future earnings for up to five years. These write-offs are sometimes the most valuable ingredient in money-losing companies up for sale...
Rebate Reduction. The committee also dug into the FPC's policy on setting temporary rates. An FPC examiner found that a temporary rate increase by the Colorado Interstate Gas Co. was later reduced. The company owed its customers a refund of $50 million, but paid only $38.6 million in a settlement negotiated by the FPC. Kuykendall admitted that W. E. Mueller, president of Colorado Interstate Gas Co., had visited him, and said that a large refund would be financially disastrous to the company. But, said Kuykendall, "if Mr. Mueller had tried to argue the merits of the case...
Simple Deduction. In Portsmouth, N.H., a man walked into the office of the Internal Revenue Service, filled out a tax form, sat quietly in a corner, when asked if he needed help, replied: ''No, I'm just waiting for my refund check...
...bill provides that the ceiling may be exceeded by bond issues totaling up to 2% of the federal debt whenever the President decides that the national interest requires it. It also provides that the Treasury may 1) refund in advance of maturity some $20 billion outstanding Government securities, replace them with new long-term bonds that have virtually no restrictions on their effective interest rate; and 2) remove the 4¼% ceiling on savings bonds and special Treasury issues sold to such Government trust funds as Veterans Insurance and Social Security...
Every economist agrees that the U.S. Treasury is in a tough spot to refund Government issues that are constantly coming due. With top-grade corporate issues bringing more than 5%, the Treasury cannot sell long-term bonds limited to a 4¼% ceiling. The Treasury is forced to get its money by short-term issues, has to keep going to the market to raise cash, thus disrupting short-term borrowing for business and helping to drive up rates...