IRS closes tax loophole may lift oil profits
The IRS ruled oil companies must prove foreign payments are taxes, not royalties, to qualify for U.S. tax credits. Royalty payments capped at 50 percent deduction, while taxes can be fully deducted, potentially forcing billions in additional U.S. taxes and higher fuel prices for consumers. The agency will evaluate each credit to determine eligibility, affecting earnings and consumer costs.
MENTIONED IN THIS ARTICLE
Washington
UPI
Internal Revenue Service
IRS
U.S
United States
U.S. Treasury
Udall Concession Speech Shakes Democratic Night
At the Democratic National Convention in New York Morris Udall delivered a surprise concession speech for Carter after finishing second to him in the primaries. He urged supporters to back Carter, vowed to campaign for him, and joked about possibly accepting the nomination if the party keeps fighting Republicans.
MENTIONED IN THIS ARTICLE
New York
UPI
Morris Udall
Arizona
Jimmy Carter
Carter
Georgia
Edward M. Kennedy
D-Mass
Massachusetts
Senate
Kennedy
Lillian Carter
Mary Lasker
Louisville
Harvey Sloane
Leonard Woodcock
Paul Rogers
Florida
Ernest Hollings
D-Sc
Warren Magnuson
D-Wash
Wallace Loses Ground as Carter Nominated at Democratic Convention
George Wallace spent his final day as a presidential candidate trying to win support amid boos from delegates as Carter secured the Democratic nomination. Alabama delegates split, with 30 votes for Carter and five for Wallace, while Wallace praised by a loyalist senator was met with jeers.
MENTIONED IN THIS ARTICLE
New York
UPI
George Wallace
Wallace
Jimmy Carter
Wilson
Alabama
Carter
McCormack Proposal Sparks Bitter Convention Fray
Ellen McCormack was formally named a possible Democratic nominee in New York by James M. Killilea but Carter supporters booed and McCormack earned only 22 delegate votes to Carter's 2238. Killilea accused Carter of abusing power over abortion policy and limiting McCormack supporters access at the convention.
MENTIONED IN THIS ARTICLE
New York
UPI
Ellen McCormack
Jimmy Carter
Carter
James M. Killilea
Massachusetts
Ford celebrates 68th birthday as he eyes delegate wins
President Ford in excellent health on his 68th birthday plans to greet Helmut Schmidt with fanfare on the South Lawn and host dinner under the Queen Elizabeth tent. He will travel to Hartford to target all 35 Connecticut delegates while viewing Utah as a likely loss to Reagan. He comments on Taiwan in Olympic politics and criticizes Canada’s ban on Taiwan athletes.
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Ford
Helmut Schmidt
White House
William Lukash
Hartford
Connecticut
Nessen
Canada
Taiwan
Republic of China
Democratic National Convention Schedule Clipped
New York schedule shows 1 00 Session opens 1 30 Rules Committee reconvenes 5 30 Nominations and roll call 9 30 Acceptance speech by vice presidential nominee 10 30 Presidential nominee acceptance and adjournment
MENTIONED IN THIS ARTICLE
New York
UPI
Rules Committee
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