Word: write-off
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...Reilly was summoned to Heinz's Pittsburgh headquarters in 1971 as a senior vice president. One of his recommendations was that Heinz wipe out an unprofitable Mexican subsidiary. The move forced Heinz to take a $25 million write-off, which in turn caused it last week to report a drop in profits for the fiscal year ended in May to $22 million, from $42 million in fiscal 1972. That bothered O'Reilly not a bit. He describes his management philosophy as "cost-oriented. I guess I am rather tough in this area...
...owns jointly with General Electric. Mitsubishi, whose San Angelo, Tex., subsidiary plant has been turning out executive jets since 1967, recently acquired a factory in Moonachie, N.J., to make synthetic leather. The Tokyo government is encouraging the push. This year it began giving Japanese investors a 30% tax write-off on new U.S. ventures...
...Robert Hansberger, 52, resigned from Boise Cascade last year after the company took a $200 million write-off, largely for unsuccessful recreational land ventures. Since then, Hansberger says, he has been too busy to look for another job. He puts in long hours as president of Futura Industries Corp., a $25 million-a-year metals and sporting-goods company that he had helped run for outside income while still at Boise Cascade. Hansberger's salary at his old job was $190,000; he has not even decided yet what to pay himself at Futura. "I don't miss...
...through last year; thus they had little effect on 1971 taxes and none at all on those for 1970. The other two, while highly profitable to oil companies and mineral firms, are not the main reason for their low tax rates. Their biggest break is the dollar-for-dollar write-off allowed on royalties paid to foreign governments...
Dean Jones has asserted that abolishing the tuition write-off, or Staff Tuition Scholarship (STS) program and distributing the funds now used to support it through the GSAS's general scholarship budget are necessary to achieve an equitable distribution of scholarship funds and to improve the School's ability to handle problems of financial need. Certainly, we are not opposed to making the distribution of scholarships more equitable. But we oppose any modification of the Staff Tuition Scholarship system which would reduce the amount of aid going to each teaching fellow...