Word: deductionism
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"Now, gentlemen, if you meet the weekly payroll with cash, you must credit to the asset cash and debit to the expense account which is equity, of course, since expense is a debit item under the gross revenue account. Thus a deduction from cash can be accompanied by a debit...
This is, indeed, a most clever bit of deduction on the part of the Harvard students. But the transfers have a different story to tell. "I just changed," one of them says, "because I thought I'd enjoy going to college here more than I would have at Harvard." Short...
Normal Tax. Personal exemptions of $1,000 for single persons, $2,500 for married couples, $400 for dependents (no change). Normal tax: 4% flat (old law: 4% on the first $4,000 and 8% on larger amounts). This deduction in the normal tax is, however, offset by
The Choice-First choice before the conferees was in regard to personal income taxes. Both bills have a flat 4% normal tax without the jump to 8% that exists under the present law, but surtaxes are raised to compensate for this reduction. House surtaxes run from 4% to 59%; Senate...
Hollywood and Broadway rubbed their palms gleefully over the outcome of a tax "test case" decided last week in the U.S. Circuit Court of Appeals, Manhattan. Appellant was plump, dark Actor Sidney Blackmer. From his taxable income in 1927, Actor Blackmer had deducted $1,687.10 as money spent entertaining critics...