CSX Corp.'s income fell 69% to $138 million for the year, although the Richmond, Va., company said that without the effect of a change in accounting for income taxes, 1987 earnings reached $432 million. The company said the accounting change increased its liability for deferred income taxes at the end of 1986 by $294 million. Revenue for the year was up 10% to $8 billion. Fourth-quarter income was down 2% to $129 million. The company noted that operating expenses for 1987 increased due to a surge in traffic volume and higher fuel costs.
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