My Favorite Write-off
The Dam Deduction
For CEO Charles Kittredge, one write-off in particular stands out: Dalton, Massachusetts stationary makers Crane and Co. decided to rebuild an old dam upriver from their mill, allowing it to run part of the year on a water turbine system. The expense was deductible, but just how much the company could write off had to be settled by a team of accountants and auditors, working in consultation with the IRS; the write-off quickly became known by everyone involved as that dam deduction. "We had a lot of fun with it," says Kittredge.