June 9, 1981

The Reagan Administration and business representatives were reported today to have worked out a compromise on a sharply criticized element of the Administration's revised tax package dealing with depreciation. Administration officials said that the compromise on a formula for accelerated depreciation was likely to be announced tomorrow, one day before committees in both the House of Representatives and Senate are scheduled to start drafting their respective bills. However, aides to Representative Dan Rostenkowski, the Illinois Democrat who is the chairman of the House Ways and Means Committee, said it was uncertain whether the panel would start ''marking up,'' the process of drafting a bill, on Wednesday. 'Discussion' in Senate The Senate Finance Committee, evidently to discourage delay in the House, scheduled a ''discussion'' of the tax bill for Wednesday with Treasury officials. The term ''discussion'' meant that no votes would occur, but it was plain that the Senate committee, under a Republican chairman, Bob Dole of Kansas, would be starting its consideration of a tax bill.

Two Toronto investment dealers announced plans today for a merger that will create the largest investment firm in Canada, with a staff of about 1,800, offices in 29 cities and combined revenues of more than $200 million (Canadian). The new firm, Dominion Securities Ames Ltd., will combine Dominion Securities Ltd., ranked No.2 in capitalization among Canadian firms, and A.E. Ames & Company, No.8. According to Anthony S. Fell, president and chief executive officer of Dominion Securities, who will hold the same positions with the combined company, Dominion Ames's combined capitalization of about $50 million will make it ''about 20 percent bigger than Wood Gundy Ltd.,'' the Toronto firm that now ranks No.1 in the industry. Mr. Fell and Robert E. Bellamy, Ames's president and chief executive officer, who will be deputy chairman of the new company, said in response to questions at a news conference that once the merger, planned for Aug. 1, takes place, there are likely to be reductions in staff.

The United States ''condemned'' Israel today for bombing an Iraqi nuclear reactor and said Israel may have violated its aid agreement with Washington by using American-made warplanes in the attack. In the harshest criticism of Israel by the Reagan Administration, the State Department also said that ''the unprecedented character'' of the surprise raid ''cannot but seriously add to the already tense situation in the area.'' With Iraq calling for a pan-Arab meeting to discuss the ramifications of the Israeli attack, there was concern within the Administration whether President Reagan's special envoy, Philip C. Habib, would be able to continue his efforts to settle the crisis caused by Israel's threat to attack Syrian missiles in Lebanon. Mr. Habib, who flew to Paris Saturday, had planned to go to the Middle East today, with Israel his first stop, officials said. But State Department officials said that because of the raid, Mr. Habib was still in Paris, waiting for the political storm to pass.

The Supreme Court today handed a defeat to the Internal Revenue Service, ruling by 6 to 3 that the meals and lodging provided for thousands of workers by their employers were not ''wages'' for the purpose of computing Social Security and Federal unemployment taxes. Such benefits are not subject to income taxes when they are provided for the convenience of the employer. But present Treasury regulations include the value of meals and lodging, even those not subject to income taxes, as part of the wage base for the Social Security tax, levied under the Federal Insurance Contributions Act, and the unemployment tax, levied under the Federal Unemployment Tax Act. That interpretation was challenged by Rowan Companies, an operator of offshore oil drilling rigs in the Gulf of Mexico. Workers stay on the rigs for 10-day shifts and receive food and living quarters there worth about $6 a day. Rowan did not pay the Social Security or unemployment taxes on these benefits and, after an audit, was assessed $35,000 in unpaid taxes.

Reductions in the price of crude oil continue to shake the already unsettled international petroleum markets, and further drops in price are expected. Some spot prices have plunged to $32 a barrel. Oil analysts expect this trend to reduce retail gasoline prices and, possibly, break the grip of OPEC. (Page A1.) The Administration and business representatives agreed to a compromise over a heavily criticized depreciation schedule in the President's scaled-back tax package, according to reports. An announcement is expected today. (D1.)