Word: write-offs
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With the U.S. Supreme Court decision upholding Idaho Power Co.'s private three-dam plan (TIME, April 15), the bitter battle over Hells Canyon seemed over at last. But last week the fight flared anew after the Office of Defense Mobilization granted Idaho Power a fast tax write-off...
TAX-SAVING BILL to step up investments in small business by allowing quick write-off of investment losses will be sent to Congress by President Eisenhower. Investors would be allowed to deduct all or large part of losses from taxable personal income in single year-current limit is $1,000...
Goals Filled. ODM's Flemming also refused to issue fast tax write-off certificates to help expand production of steel and five other goods (commercial aircraft, aviation fuel, titanium melting, titanium processing and taconite iron ore). The defense expansion goals have been filled, said Flemming. Actually, more plant expansion...
BIGGEST STEEL PLANT for South is planned by Jones & Laughlin Steel Corp. The $250 million plant near Houston will have capacity of 1,000,000 ingot tons. If J. & L. can get Government fast tax write-off for plant, project will probably start late this year.
...REFUNDS are in prospect for dozens of companies which got partial fast tax write-offs on plants built during World War II. The U.S. Supreme Court has upheld a lower-court ruling that Ohio Power Co. should get a $6 million refund because it was allowed only a 35% write-off on an $11 million plant. Under the law, it should have been allowed 100%. The ruling opened the way for refunds to 39 companies with claims of $62 million...