Word: writeoffs
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Dates: during 1970-1979
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...International Airport was made in the hated land of apartheid; many of the delicacies served at the Commonwealth banquets also came from there. For Zambia, the Tazara Railway, built by the Chinese to open up a land link from Zambia through Tanzania to the Indian Ocean, is almost a writeoff. The railway works, but the port of Bares Salaam cannot cope with the tonnage of copper that Zambia would like to export by that route. The result is that to export its copper Zambia has been paying heavy transport and port costs to Tanzania. At one point, Zambia claimed that...
...sounds like a Super Bowl play: 1-5-10. His idea is to allow a full write-off in just one year for all equipment, such as pollution-control gear, that the Government requires companies to install, a five-year depreciation for other new equipment and a ten-year writeoff for new plants and commercial buildings. In a speech to the Advertising Council several weeks ago, Miller even pulled out two miniature footballs, emblazoned 1-5-10, and told his audience...
...largest represented the cost of unwinding profitless diversification. RCA wrote off $490 million as the expected loss on liquidation of its computer business. American-Standard has shucked its mining-equipment and air-conditioning divisions, and is getting out of recreational-land development, mobile-home parks and foreign housing. Writeoff: $122 million...
TAXES. Former Senator John Williams, denouncer of Bobby Baker for influence peddling, sponsored a tax-bill amendment that allowed a $2.1 million writeoff for Xanadu, a family estate in Cuba that was confiscated by Castro. Further, say the Raiders, the company and family properties in Delaware are undervalued for tax purposes. Irenée Jr. says that he knows nothing about any contacts made with Senator Williams in the family's behalf. To the other point, Vice President Irving Shapiro, the company's first Jewish director, replies: "If the accusation is that Du Pont is chiseling on existing...