Article: Corporate tax changes to take a bite out of company budgets in 3rd quarter.

WASHINGTON -- Oil and gas companies will feel the impact of President Clinton's corporate tax increase sooner than many might have expected -- thanks to an obscure but important accounting rule change.

Many companies will be required to take a significant one-time charge in the third quarter to adjust for increased tax liabilities under the new tax rate.

Some companies expect to see third-quarter earnings drop below expectations when results are announced in a couple of weeks, due to a series of events over which they had no control.

The impact will vary greatly, from an estimated $100 million and 11*/share for Royal Dutch/ Shell Group, ...

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