United States Senate
WASHINGTON, D.C. 20510
January 13, 1988
Dr. and Mrs. Keats Sparrow
307 Queen Anne’s Road
Greenville, North Carolina 27858
Dear Dr. and Mrs. Sparrow:
Thank you for your letter regarding the proposal in the original House reconciliation bill that would have disallowed the future amortization of intangible assets, such as customer lists.
While it is important to study all options when searching for revenue sources to help balance our budget, we should not indiscriminately tax any or all of the sources of income we are able to discern. It is important to weigh the revenue potential of any suggested tax against its potential economic cost. Often this cost can far exceed the revenue potential of any given tax.
In the case of this provision, I was concerned that the arguments supporting the provision might be flawed. I therefore sided with the IRS [Internal Revenue Service] here; I think it is a mistake to disallow the depreciation of the intangible assets of a company when such assets are arguably depreciable.
I spoke to Senator [Lloyd] Bentsen and to the Senate Finance and Budget Committee staffs on this matter during the conference on reconciliation and fortunately the provision was removed from the final version of the reconciliation bill which passed on December 21, 1987.
Thank you again for writing me regarding this tax provision.
With best wishes always,
United States Senator
Month: November, 2011
United States Senate
Source: WVOT (Radio Station: Wilson, N.C.) Collection Manuscript Collection #1177 Staff Person: Nanette Hardison Description: The WVOT Radio Station known as “Wilson’s Voice of Tobacco Land” started broadcasting on June 3, 1948 and was the first radio station for the town of Wilson, North Carolina. WVOT’s programming centered on special events that took place at [...]
Source: University Archives UA55-01-1644 Staff Person: Arthur Carlson Description: This image from the University Archives features Layton Getsinger with school mascot Brandy (UA55-01-1644). The East Carolina Cheerleaders acquired the white French Poodle during the summer of 1968. She immediately became a crowd favorite, appearing at athletic contests and other campus events. A caretaker appointed by [...]
Source: Elihu A. White Papers, East Carolina Manuscript Collection #14 Staff Person: Martha Elmore Description: Elihu A. White (1824-1900) of Belvidere in Perquimans County, N.C., was a Quaker farmer and business leader. He served in local government positions, was active in the Republican Party and was appointed collector of Internal Revenue under two U.S. presidents. [...]