Before income taxes bit heavily into the net profit of individual business enterprises, there was some merit in letting improvements go from one year to the next; in putting off modernization of buildings; for getting along a little longer with outmoded equipment and machinery; for using baling wire on old jalopies used for trucking. Frequently, such economies-if not carried to extremes-resulted in genuine savings which were reflected in higher net profits for the practitioner of such economies. Unfortunately, canvas goods manufacturers in too great numbers persist in hanging onto management concepts demanding re-examination in the light of income tax laws.
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