Crossword Genius

Unprecedented cut in money received by story (12)

Ross

I believe the answer is:

incomparable

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'unprecedented cut in money received' is the definition.
I can't judge whether this definition defines the answer.

'by story' is the wordplay.
'by' becomes 'incom' (I can't explain this - if you can you should give a lot more credence to this answer).
'story' becomes 'parable' (parable is a kind of story).
'incom'+'parable'='INCOMPARABLE'

Can you help me to learn more?

(Other definitions for incomparable that I've seen before include "Unrivalled" , "Matchless" , "Second-to-none" , "like no one else?" , "Unequalled" .)

I've seen this clue in The Times.
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