Word: write-off
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...Primarily, the dam was built to supply power for the war production of aluminum. U.S. Secretary of Commerce Jesse Jones advanced $68,500,000 in fund's of the Metals Reserve Co. Great Britain advanced $55,600,000, Australia $10,000,000. Canada contributed an excess-profits tax write-off of $154,500,000 to the project...
...taxes to $25,883,000, also a record. Then it whacked off 80% of this for Federal taxes, thus cut net to $5,583,000 v. $6,228,000 in the first half of 1940 (when taxes were computed at 22%). Under existing or proposed tax law, the 1941 write-off looked as if it discounted the moon...
...expand their plant & equipment. Scores of manufacturers were worried about what the 1940 tax score would be, hung around the Army and Navy grousing. "S. A.," ingenuously, went to the Treasury instead. He asked the Treasury's lawyers point-blank if they knew what the new investment write-off tax schedule would be, was told they did not. His ears full of other men's groans, Guiberson then asked whether that meant he could not bid on Army tank engines. Assured there was no law against his bidding, Guiberson then spoke approximately as follows...
...also attributable to war. This is on the $56,200,000 worth of G. E. property abroad, of which $29,100,000 worth is outside the Western Hemisphere. G. E.'s reserves, they said, not counting its $124,310,000 earned surplus, are big enough to permit a write-off of the whole extra-hemispheric investment...
...Highest earnings were reported by Bank of America, $17,734,076, including security profits, highest since the bank's organization in November 1930, and 21.7% above 1938. From this, Bank of America sent $8,143,076 to surplus, earmarked $5,355,834 of it for a complete write-off of some of its foreign credits...