But those results were lifted $600 million, or 17 cents a share, by a one-time reduction in taxes because an examination by the Internal Revenue Service reversed previously accrued tax liabilities.

The company, a struggling independent oilfield services concern, said that the one-time reduction totaled about $60 million.

Among other topics, he analysed the effects of a one-time reduction of the capital-output ratio on the short- and long-term proportions in the growth process.

Investors and economists have not been entirely pleased with those cuts, however, because they are one-time reductions that will not necessarily encourage people to spend more.

It includes a $25 million one-time reduction in earnings that the bank will record to close its Government securities operation and to consolidate its foreign businesses.

The latest restructuring will result in a one-time reduction in fourth-quarter after-tax earnings of $327 million, or $2.43 a share.

On a per-share basis, Sears's earnings soared to 70 cents, from 28 cents, after a special one-time reduction in earnings related to taxes was removed from the 1991 results.

The study assessed the effects of a one-time reduction in the tax rate applied to the repatriation of foreign subsidiary earnings on spending, output, and employment in the U.S. economy.

The reduction in earnings was attributable, in large part, to a one-time reduction in Stater's tax liability for the quarter ended Sept. 30, 1988.

City officials said the savings would not come in one-time reductions, but in recurring cuts that would yield savings year after year.