Word: rulings
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...late September, just after Congress defeated the first bailout bill, the IRS issued a notice to change that rule to allow banks to significantly lower their taxes when they purchase other banks. Now, after an acquisition, a bank can reduce its IRS bill by claiming that loans on the books of an acquired rival are worth far less than the previous owners thought, not a hard claim to make these days. The acquirer can deduct from its taxes the full amount of the write-down. Before it could only lower its taxable earnings by a small percentage of the write...
Jones Day lawyers estimate that the rule change could cost the Federal Government up to $140 billion in revenue during the next few years. But it would only get that high if every bank in the U.S. were sold and troubled mortgage assets were all written down to zero. Still, a number of banks have made acquisitions since the rule change and are already benefiting. Wells Fargo will book an estimated $25 billion tax credit from its November acquisition of Wachovia. PNC, which bought National City in October, could get as much as $5 billion in tax benefits from that...
Perhaps the biggest tax windfall that corporations will get this year and next is from a proposed change in the long-standing rule on tax rebates for losses. What's more, companies that don't, or can't, use the losses for rebates now will be able to significantly lower their taxes for as long as 20 years, when they return to profitability...
...companies could soon be eligible for billions of dollars more. A bill was proposed in the House of Representatives in late November by Congressman Steve King, a Republican from Iowa, that would extend the tax-carryback rule to five years, which means companies could get their tax payments refunded all the way back to 2003. And the rule would be eligible for losses that occurred in 2008 or 2009. That means a company with a large enough loss, after the proposed rebate, could effectively not pay taxes for seven years. Senator Olympia Snowe, a Republican from Maine, has proposed...
...hope of staving off diseases like cancer and heart disease. Though these recent trials - including two big studies in November that showed no benefit of vitamins E and C for heart disease, or vitamin D and calcium against invasive breast cancer - don't support that idea, they don't rule out the possibility that getting vitamins from dietary sources rather than supplements could have a more powerful preventive effect, or that taking different doses of supplements might be more beneficial...