Word: cashing
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Dates: during 1980-1980
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...evidence, the prosecution had shown the jurors several video tapes. In one, Myers pocketed the cash; in another, he complained of having to share the money with his associates. On the witness stand last week, Myers said he had spent his $15,000 share "in a couple of weeks." He paid his three children's private school tuition bills, repaid a $1,000 loan from his father and bought some household furniture. But he insisted that he had accepted the money reluctantly and never intended to do anything in return for it. Said he: "I was just blowing smoke...
...teen-agers need long-term counseling, as many may, and the foster parents cannot provide it, the financial burden would fall on a state. Wisconsin and other states claim that they lack the money; Washington has promised to pay but has not sent any cash...
...havens are investments that enable people to generate paper losses to write off against their regular income, thus shielding the investor's cash from the full bite of the IRS. A person making $100,000 a year, for example, might sink $30,000 in a tax shelter that would lower his taxable income in the first year to perhaps $85,000. Since at least half of the $30,000 would have gone to the IRS had it not been sheltered, the investor really gets his investment at half price. And it usually continues to generate write-offs for several...
...deduction of $20 for each Bible, the value set by the original owner. Another shelter under attack involves buying lithograph plates of an obscure artist, which gives the owner the right to produce 300 or so limited-edition prints. The investor might pay for this with $30,000 in cash, plus $120,000 in a so-called nonrecourse note, which does not have to be paid unless the plates bring that much in sales. The investor claims depreciation deductions as though the plates were worth the full $150,000, even if no prints are ever sold...
Robin Moore, author of The French Connection, has agents peddling a tax shelter that involves buying an interest in five future novels by Moore and others. An investor puts up $20,000 cash and a $100,000 note due in ten years and gets to depreciate $115,000 on his taxes in the first three years. If the novels and anticipated movies are bookstore and box-office smashes, the investor will hit the jackpot. If they flop, though, the investor will still have to pay off the $100,000 note after ten years...