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ALLOWANCES FOR INTANGIBLE DRILLING COSTS. These "I.D.C.s" are the noncapital costs of drilling an oil or gas well, including wages for workmen and rental fees for equipment. Oilmen can deduct these costs from their taxable income immediately, rather than spreading the deductions over the years that the well is in operation. The Treasury Department figures that, in 1972, I.D.C. deductions saved the oilmen $600 million in federal income taxes...

Author: /time Magazine | Title: POLICY: Oil Profits Under Fire | 2/4/1974 | See Source »

...former peasants are watching radar screens. The bombing ended last January, but U.S. reconnaissance planes still fly over the country and the B-52's are still based in Thailand. From time to time U.S. officials threaten to resume the air war; the watchers remain alert. Across North Vietnam workmen are rebuilding bombed-out bridges, doctors are tending patients and students are attending school. And peasants--men and women who have defied the American thunder and built a new society--are plodding along behing their plows, tilling their increasingly bountiful rice fields...

Author: By Dan Swanson, | Title: They Left Their Plows Behind Them | 12/17/1973 | See Source »

...while the Skylab mission seemed to be in trouble. Only four days before the Nov. 10 launch date, workmen at the Kennedy Space Center discovered hairline cracks around bolts on all eight stabilizing fins of the Saturn 1-B booster that is to launch the ferry ship toward a rendezvous with the orbiting space station. The cracks may have developed when the rocket's fuel tanks were filled, enormously increasing the weight on the fins. Exposed to Florida's salty air, the fins may have been weakened by corrosion. To avert a calamitous accident after liftoff, NASA officials...

Author: /time Magazine | Title: Science: Looking Outward Again | 11/19/1973 | See Source »

...Contractor may be the best play of the three. Few dramas exemplify with greater purity the classic concept of a beginning, a middle and an end, while adhering as well to the unities of time, place and action. To be sure, nothing much happens. In Act I, some workmen put up a spacious lawn tent for the wedding of their boss's daughter. In Act II, they decorate it for the bridal-reception party. In Act III, they clear away the debris of empty champagne bottles and strike the tent...

Author: /time Magazine | Title: The Theater: On to the Triple Crown | 11/5/1973 | See Source »

...women and children. Many small businesses are shuttered, while hotels in Holy Land sites are nearly empty or closed altogether. Only two of Jerusalem's movie theaters have remained open-and both are underground. Bus schedules have been drastically reduced and construction has nearly halted, as able-bodied workmen have left for their reserve units. Swimming at Israel's beaches has been banned because of a lack of lifeguards. Universities have postponed exams, and a maternity hospital in the city has cut post-birth confinement from 48 to 24 hours to make beds available for the battle wounded...

Author: /time Magazine | Title: The Mideast War: Jerusalem: Waking Up from a Dream | 10/29/1973 | See Source »

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