Word: write-off
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...WEEKS AGO, Victor Jones, dean of the Graduate School of Arts and Sciences, signed, sealed, and delivered an announcement to all graduate students, informing them that the GSAS special tuition write-off program for teaching fellows in need of aid will be terminated at the end of the year. The students have not received the announcement in silence...
...mandate is to bring moviemaking into the computerized, cost-controlled business world. The newest enthusiasm in Hollywood film making, therefore, is cutting budgets and cutting losses. Some of that $100 million debit was just a realistic write-off or write-down on properties in the works or even in the can that could never net as much as originally projected. In November, the last tycoon of old Hollywood, Jack Warner, retired from the studio bearing his name. But even before his formal send-off (on Sound Stage No. 7, where the "Great Hall" set from Camelot is still unstruck...
Making Everyone Pay. Although the reduction of the depletion allowance and the tightening of write-off provisions that are now enjoyed by the oil industry are expected to bring in just $600 million a year in additional revenues, the psychological impact of the cuts would be great. The depletion allowances, whose whole purpose is to help offset the costs of finding and exploiting new mineral sources, are regarded by many as the most blatant example of special tax privilege for industry...
...which by Treasury estimates deprive the Government of $1.3 billion in revenue, have become the towering symbol of privilege and preference. They can spare oil companies and investors from taxes on 27½% of their revenue from operating an oil well. As long as a well produces, the depletion write-off continues, even if the original cost of exploration and drilling has been recaptured 19 times over-as typically occurs. Other treasures from the earth and seas rate lesser but equally arbitrary allowances: 23% for uranium, 15% for copper, silver and gold, 10% for coal, 5% for oysters, clams...
...usual sort of expropriation, and Belaúnde's opponents later charged that it did not offer sizable advantage to the country. Among other things, the company-long seen by Peruvians as an ogreish exploiter-was given new mandates to expand its activities and a $144 million tax write...