Word: write-offs
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Tighten up interest deductions. America's most venerable tax shelter is the deduction on home-mortgage interest, a provision that was originally created to help families buy their first home. But perhaps that write-off is too generous. Earlier this month the House Ways and Means Committee adopted a $12.3...
The plane's sole-source contractor, Northrop Corp., has taken a $124 million tax write-off against profits on the plane, signifying concern with the soaring development costs. Last week the Air Force called in officials from the Rand, Northrop and Rockwell corporations to explore the possibilities of subcontracting bigger...
Baker appeared to undergo another setback with last month's decision of major U.S. banks, led by Citicorp, to write off sizable portions of their < Third World loan portfolios. As a result of that move, many economics experts now think the so-called Baker Plan for developing economies is essentially...
Despite those risks, Wall Street gave Citicorp a vote of confidence. At first, apprehensions about the bank's write-off announcement rekindled the stock market's hair-trigger fear of a banking crisis. Partly as a result, the Dow Jones average of 30 industrial stocks took a nose dive of...
Someone liable to be just as irked at Citicorp's move is Fed Chairman Volcker. Some stories have it that he called Reed personally to complain about the write-off. Why? If banks rush to follow Citicorp's lead, the industry might be so weakened by losses that the Fed...