Word: deduction
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Dates: during 1960-1960
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...shareholders. When a Centennial stockholder sells his fund shares, he also pays a gains tax. It is figured on the difference between the original cost of his original shares and the selling price of the fund shares. So that he will not be taxed twice, he is allowed to deduct whatever pro-rated tax he has paid while he held the fund shares. Macdonald and Berger get their income by charging a commission of up to 4% on the assets that new members contribute to the fund, plus an annual fee of one-half of 1% of net asset value...
From such "acceptable'' forms of petty larceny, Gibney moves on to the more spectacular types that pique the Internal Revenue Department. Among the intriguing cases are the undertaker who tried to deduct his wife's grocery bills because she met so many potential customers during her shopping trips, and the possibly legendary San Francisco taxpayer who deducted the cost of his love affairs as a medical expenditure because his physician advised him that sex would calm his nerves...