Word: deductionism
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Income earned by serving as "consultant" for Sunrise at Campobello, the Broadway drama about his father: $18,615.21. Tax deduction, claiming that the play was an "invasion of privacy": $18,615.21. So filed Franklin Delano Roosevelt Jr., 50, onetime Congressman, now Under Secretary of Commerce, on Form 1040 for 1958...
> In Washington the U.S. Tax Court made it plain that if a retired businessman wants to turn his longtime hobby into work and use it as a tax deduction, he had better make sure it is a genuine income-producing endeavor. Retired General Motors Executive Martin C. McGowan owes $19...
The revenooers are shutting the life-interest loophole. In the future, no deduction may be taken until the art work is physically ceded to a museum or charitable institution. But most muse um directors are not alarmed by the new law, even though donations may be delayed for years. For...
But then there were lots of unanswered questions. And no one was more interested in the answers than the Internal Revenue Service, which stood to lose some $44,000 of the winner's loot. For where a single ticket holder (estimated on a fairly shortsighted basis to have a...
The inequities Mr. Stern describes are well known to those familiar with the Code. The favorites of any good tax lawyer--percentage depletion for oil wells and clam shells*, the marital deduction, capital gains treatment for raisers of cattle and Christmas trees, stock options, and those marvelous fabrications, the real...