Word: write-off
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...Internal Revenue Service's basic guide to businessmen and tax agents in reckoning tax write-off allowances (Bulletin F) was last revised in 1942. It is geared to the patch-and-retread psychology of the Depression and the war, takes little account of the rapid pace of technology in which a machine may be made obsolete by a better model a year after it is installed. In the iron and steel industry, the life of machinery is an average 25 years. On the straight-line basis of tax deductions applying to all pre-1954 purchased equipment, such machinery...
...startling contrast to America's depreciation allowances are the fast tax write-off rates in booming Western Europe. While the U.S. looks upon depreciation allowances as one more strand in its tax-collecting net, foreign governments use them to spur business growth...
...miracle of West German economic recovery was sparked by a 50% write-off the first year for manufacturers who replaced war-damaged plants. Expansion was so rapid that in 1955 the rate was cut to 20% to curb too much spending on capital goods. The rate is still more than double that of the U.S.; it has helped make it possible for Germany to undersell the U.S. in many world markets...
...model its depreciation allowances after the Germans. For new equipment with a life of three years, a French firm is allowed 50% first-year tax write-off, and for equipment to be depreciated over ten years or longer, it can write off no less than 25%. The idea, French experts happily note, almost compels industry to re-equip and modernize itself rapidly. Sweden for a time allowed 100% first-year write-offs for firms that wished to take them. Even British businessmen, with the least liberal depreciation allowances in Western Europe, can write off as much...
Biggest Loss in History. The cost was enormous. Last week Gross announced that Lockheed wrote off losses of $67,569,000 in the first half. When charged against first-half earnings, the write-off left Lockheed with a six-month net loss of $55,409,000, biggest in the aircraft industry's history. But by writing off "all our present, past and future losses," Gross hopes to speed Lockheed's profit recovery.* For the past six weeks, Lockheed has been operating profitably, hopes to cut its overall loss to $45 million by year's end. With...