Word: write-off
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...million sales this year came from nonautomotive divisions. These divisions earned $12 million-though the company will end the year heavily in the red because of auto losses and the cost of closing the South Bend plant. Freed from its auto losses and armed with a healthy tax write-off, Studebaker says that it expects to make an overall profit next year...
...realizes that it must somehow induce its affluent allies to shoulder a greater part of the foreign aid bill and that it must stimulate U.S. exports, which have declined from 30% of the world total in 1954 to 24% lately. One answer would be a subsidy or special tax write-off plan for exporters, but the Administration is counting on its proposed tax cut to make U.S. industry more productive and competitive in world markets...
...usually legitimate charitable deductions, but the practice is open to abuse. A collector more interested in his taxes than in public beneficence can get some "expert" to put a high evaluation (citing the rising art market) on a cheaply obtained painting, then give it away and claim a big write-off. The Bureau of Internal Revenue has shied away from contesting these appraisals, feeling incompetent to judge art, but reputable connoisseurs and galleries have grown uneasy for the reputation of art dealers as a whole. It took the help of Manhattan's watchdog Art Dealers Association of America...
...remarking: "This is lunacy; it's suicide. I'm not going another inch with you. I've had enough." Undeterred, plucky Miss Hunter had another go two days later, sideswiped a five-ton truck and demolished her car. "The garage told me it's a write-off," she said sweetly...
...invested so much in another aerospace company simply to diversify his holdings. More logically, ultimate merger appears desirable in an industry where no single producer can muster all the scientific capabilities needed to occupy a commanding place in space. Douglas would make a good mate. It offers a large write-off against future taxes. Due largely to development costs on its DC-8 jetliner, its 1959-60 deficits totaled $52 million. Douglas is the contractor for the nation's first airborne ballistic missile, the Skybolt, and for the Saturn moon rocket booster. In addition, Douglas and McDonnell share...