Word: netted
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...Net Worth...
...estate, they began an investigation which landed Mr. Fox in the Board of Tax Appeals office in New York. Finding that Reynard Corp. had been formed to accumulate earnings instead of distributing them, and was thus liable under a 1918 statute to an additional tax of 50% of its net income, the Board ruled that for 1932, the year in question, Reynard Corp. should have paid $26,064.02 instead of $4,688.94, ordered Reynard Corp. to produce the difference forthwith. Commented Judge Sam B. Hill of the Board of Tax Appeals: "Mr. Fox looks a little foxy himself...
Commissioner Walker's major premise is that, because of A. T. & T.'s system of cost accounting and its relations with its manufacturing subsidiary, Western Electric Co., its costs are far too high and could be reduced enough to bring telephone rates down 25% "without interrupting existing net earnings." Other Walker assertions and proposals...
...give FCC authority: 1) to "review, approve or disapprove all Bell System policies and practices promulgated by the central management group"; 2) to "permit regulation of the Western Electric Co. by the FCC as a public utility"; 3) to "fix temporary rates whenever it appears that the return on net book cost is excessive"; 4) "to regulate Bell System financing"; 5) "to limit the scope of Bell System activities to the communications field" (Bell System at various times has been involved in radio, cinema, artificial larynges, photoelectric eyes...
...bustling West Side local, with another 30,000 members, re-elected Unity Leader Walter Reuther by 4-to-1. Roland J. Thomas, president of the Chrysler local, a vice president of the international union and an intimate Martin-Frankensteen aide, was defeated by a Unity candidate. The net results in the country as a whole indicated that Unity had gained at the expense of the Progressives...