Word: write-off
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...another sense, Polyester is like all independent films. Whether the director has reformist ideals or dreams of big bucks, whether his mogul is an arts council functionary or a local businessman looking for a tax write-off, the game of scrounging and scrambling must be played. Dawn of the Dead and The Dark End of the Street jump the same financial hurdles. Making movies and Making It may be, finally, the same thing. And sometimes It pays off. More than a few members of the New Hollywood elite-David Lynch (The Elephant Man), John Carpenter (Halloween), Martin Brest (Going...
...production outfits, born in the flush of Star Wars and Grease profits a few years ago, either have folded or are struggling to survive. The U.S. Congress disallowed most no-risk tax shelters, which once offered the hope of a quick buck for producers and a long write-off for investors, and 19 states have outlawed blind bidding, which allowed studios to extract money commitments from theater owners for an unseen product. Now cable TV and cassettes are starting to offer the movies serious competition for the entertainment dollar. The gloomiest forecast is of a nation of stay-at-homes...
...acres in Wyoming, ostensibly to develop coal deposits. The investors signed notes specifying that for every dollar they put up in cash, four additional dollars would be taken out of their anticipated coal-mining profits. That was the gimmick that gave the investors a five-for-one write-off. Those profits never materialized. One excellent reason: though Osserman and his colleagues held surface rights, the coal underneath all but 400 acres happened to belong to the U.S. Government...
Under the pressure of the campaign, Carter, with some reluctance, has also proposed a tax cut for next year. It would provide $27.6 billion in relief to taxpayers and a faster write-off for business depreciation. Surprisingly, for a Democratic plan, a larger share of the savings would go to business than under Reagan's proposal. Carter would give individuals just $11.9 billion in cuts; business would get $15.7 billion. But there is one key difference: Carter's plan for individual reductions would be used to offset the scheduled 1981 increase in Social Security taxes. This would reduce taxes...
There is certainly much that Washington can and should do for the auto industry, as well as for U.S. industry in general. Tax laws need to be changed to make it easier to raise capital to replace obsolete factories and to speed the write-off of new investment. Regulations should be re-examined to separate the necessary and helpful from the needless and expensive. The Environmental Protection Agency last week gave Detroit some relief, when it decided to drop a 1982 exhaust emissions test requirement. This will save the industry $250 to $350 million...