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Trainman News
Indianapolis, Marion County, Indiana
What is this article about?
Railroads received the largest share of fast write-off allowances granted by the Office of Defense Mobilization for the two weeks ending July 14, with Union Pacific getting over one-third for new passenger cars. Total value: $64,085,938. Other recipients included Sun Oil Co. and several railways.
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Write-Offs
WASHINGTON— The railroads came in for the biggest haul in the latest fast write-off allowances granted in the two weeks ending July 14 by the Office of Defense Mobilization.
More than one-third of the fast write-offs went to Union Pacific Railroad in the form of two "certificates of necessity" permitting deduction, for tax purposes, of 80 per cent of $22,317,000 worth of new passenger cars over five years.
Total proposed value of the write-offs in this latest batch is $64,085,938. Sun Oil Co. got the second largest grant. It was permitted to write off, at the fast rate, 25 to 50 per cent of $16,550,000 worth of petroleum refining facilities.
This latest batch of grants by ODM makes 18,913 grants for new or expanded defense facilities okayed for rapid write-off, with a total proposed value of $28,976,574,000.
Also receiving write-offs were:
• Central of Georgia Railway which got two certificates for 40 per cent and 85 per cent of portions of $3,473,321 for freight cars and other facilities at two places.
Central Railroad Co. of New Jersey, which got 55 per cent of $1,683,000 for diesel locomotives.
Northern Pacific Railway, which got two certificates for 50 per cent and 80 per cent of portions of $4,915,470 for railway passenger cars and transportation facilities.
Western Maryland Railway got 55 per cent of $1,043,500 for diesel locomotives.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
Two Weeks Ending July 14
Outcome
total proposed value of write-offs: $64,085,938; cumulative grants: 18,913 for $28,976,574,000 in defense facilities
Event Details
The Office of Defense Mobilization granted fast write-off allowances, with railroads receiving the biggest share. Union Pacific Railroad got two certificates for 80% of $22,317,000 in new passenger cars. Sun Oil Co. received 25-50% of $16,550,000 for petroleum refining facilities. Other railways including Central of Georgia, Central Railroad Co. of New Jersey, Northern Pacific, and Western Maryland also received grants for freight cars, locomotives, and facilities.