Everybody had known that the excess-profits tax, and the retroactive boost in the new tax bill, would nip profits. But few realized how deep the bite would be until G.E.'s President Ralph Cordiner last week provided the first blue-chip example. G.E., which had set aside $38.5 million for taxes in last year's third quarter, this year had to set aside $59 million to take care of a retroactive boost to Jan. i. As a result, in spite of a $36 million gain in sales, G.E.'s net ($15.6 million) was less than half igso's $35.4...
To continue reading:
or
Log-In
