Word: sunsetting
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...Sunset International Petroleum Corp. is a lively, California-based oil company which operates wells in eight states, and has ambitions to grow bigger fast-thanks to a quirk in the tax laws. Sunset, headed by Morton A. Sterling, 34, last week was branching out into the real estate business. It purchased Tavares Development Co., a huge. San Diego real estate firm that helped build the state of Washington's Chief Joseph Dam, Los Angeles' $20 million Hyperion sewage system, has built nearly 15% of all San Diego residences, and is currently developing suburban San Carlos...
...What Sunset hopes to do is take advantage of the U.S. tax law permitting tax deductions for the intangible costs of oil-well drilling, i.e., labor and services, which average 60% of the cost of sinking a well. The reason for the law is the long odds in drilling: only one well in nine ever produces oil. But for Sunset the odds are short-in fact, reversed, because Sunset buys only proven fields, usually brings in nine producing wells for every ten it sinks. Thus, in the last five years Sunset has piled up more tax write-offs from intangible...
...Sunset intends to continue developing San Carlos and other real estate, expects to net $1,000,000 this year, $2,250,000 next year, $3,000,000 to $4,000,000 a year after that. Applying its accrued write-offs to the real estate profits the first two years, Sunset's real estate profits will be taxfree. When the intangible write-offs are used up by 1962, Sterling will carefully gear his well drilling to his real estate taxes, and get rich at the benefit of the tax laws. Says Sterling: "Our people will have to put on roller...
Since 1957 Heftler has sold 3,976 homes in Florida, plans to sell twice as many in the early 1960s. Along with the Sunset Park project with Centex, Heftler plans to build junior executive-type houses in Carol City, will start a 5,000-home development in Orlando that will have community recreation facilities...
...invited, but a few horned in at a mobile unit set up in front of a Collins Avenue restaurant to take care of hotel personnel. In the elementary schools, classes of 30 or more children all took their medicine in elapsed time as short as seven minutes. At Sunset Elementary School, just south of Miami, 732 children ran through the line in less than an hour...