Word: write-off
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...essentially a big tax write-off for the companies--they can say they are helping minority kids and everything," she adds...
Sony invested $5 billion to buy Columbia and TriStar Pictures back in 1989, propelled by a romantic notion that constructors of compact discs and , television sets could marry makers of music and movies. Last week Sony sobered up. The firm took a $2.7 billion write-off -- one of the steepest in Hollywood history -- on its money-losing film studio and reported a second-quarter loss of $3.2 billion. "If we didn't do it once and for all now, we would continue to face losses in our entertainment business," said Tsunao Hashimoto, Sony's executive deputy president. That...
After years of minimizing his studio's financial problems, Schulhof decided that with Guber's exit it was time to come clean. He urged Sony to take a substantial write-off of its Hollywood assets. (The music and television operations remain big moneymakers.) Around the same time, Schulhof recruited Jeff Sagansky, the former president of CBS's entertainment division, to be his second in command. But observers wonder what role Sagansky has been playing as a long-term strategist. "He's a mystery to everyone," says a Hollywood agent. Though he may have helped save Sony Pictures, Schulhof...
...wrote in his 1988 autobiography, Moonwalk. "There always seem to be a bunch of kids over at the house, and they're always welcome. They energize me -- just being around them." When he welcomed handicapped kids to the ranch, he was no condescending Lord Bountiful looking for a tax write-off; he was their peer, and they were friends he could play with, sing to -- in the purest sense of the word, love...
...because it contained many incentives, including a capital-gains tax cut for investment in small firms, a permanent investment credit and tax breaks for hiring workers in poor neighborhoods. Many of those provisions were missing in the House or Senate version. However, both plans did increase a small-business write-off for plant and equipment purchases, from $10,000 a year to $25,000 in the House plan and to $20,500 in the Senate...