Word: write-offs
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But an Office of Defense Mobilization decision to grant Idaho Power a multimillion-dollar fast write-off tax break on the Snake River project (TIME, May 13) started the issue sizzling again. Encouraged, Northern Democrats in the Senate revived their Hells Canyon bill, although the federal dam it called for...
...FAST TAX WRITE-OFF for Idaho Power Co.'s Hells Canyon Darn (TIME, April 15 et seq.) will be canceled if Congress passes bill by Oregon Congressman Charles O. Porter to wipe out all fast write-offs, except for new weapons, retroactive...
STOCK TIP-OFF is stirring more trouble in Washington, this time over Office of Defense Mobilization's decision to award Idaho Power Co. a fast tax write-off for Hells Canyon dams (TIME, April 15). Senator Estes Kefauver's antimonopoly subcommittee is investigating to find out why trading...
Federal Power Commission Chairman Jerome Kuykendall also sounded unhappy about the write-off. He said that FPC licensed the dams "on the premise that financing was going to be conventional.'' Though FPC knew that Idaho Power had applied for rapid amortization four years ago, it accepted the company...
FPC Chief Accountant Russell Rainwater estimated that the write-off will cost the Government $83.5 million in interest on money (v. Seaton's estimate of $17 million) that the Government would have to borrow to make up for the delayed taxes. The company, said he, could save as much...