More &s, Fewer Incs.

All over the U.S. last week the partnership form of doing business was staging a comeback, and the corporate form was retreating. A week after investment bankers Morgan Stanley & Co. Inc. announced they would reorganize into a partnership (TIME, Dec. 8), reports from four big States showed that Morgan Stanley was going with the tide. In all cases the reason seemed to be the same: corporate stockholders are subject to double taxation, while partners' incomes are taxed only as personal incomes. Some reports:

> Despite the defense boom, 4,388 New York State corporations dissolved in 1941's first eleven months,...

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