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Article: New law narrows range of firms' taxes.
- Article from:
- WWD
- Article date:
- December 8, 1986
- Author:
CopyrightCOPYRIGHT 1986 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New law narrows range of firms' taxes
WASHINGTON (FNS) -- A new study by a tax research group reveals that 35 U.S. corporations, including Revlon, Inc. (now known as The Revlon Group), would have qualified for tax refunds last year even if the new law aimed at eliminating corporate tax loopholes had applied.
However, the study, which covered 1,000 firms, turned up no striking examples of highly profitable companies paying low effective rates under the new law.
The study also found that, in general, apparel firms and retail clothing stores, would have paid lower taxes under the Tax Reform Act of 1986 while capital-intensive firms would have been ...