Word: write-off
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...line with tax reform, the new 1040s will include five income brackets, instead of 15. Many of the intricate old deductions, including the write-off for state sales tax, are gone. But supplemental income schedules contain a welter of new instructions. What does the IRS, fresh from the humiliating recall of its W-4 withholding forms, have to say? The changes, pleads Arthur Altman, head of the IRS group that redesigned the forms, are a "reflection of what Congress has given...
...figure our businesses are kind of similar," Collins is rumored to have said. "We both attract large masses of people, take their money away, and still somehow leave them desiring to return. Besides, it's a tax write...
...former Bonanza co-star Lorne Greene with $333,838. Producer Norman Lear, creator of All in the Family, has to answer for $1.5 million. CBS Chief Executive Laurence Tisch's deductions amounted to $1.1 million, while his brother Preston, the U.S. Postmaster General, benefited from a $480,508 write-off. The biggest hit may have to be taken by French Financier Michel David-Weill, who owns 35% of Lazard Freres, a highly successful securities firm. If the Government prevails in the case, he stands to lose at least $4.4 million in deductions...
...standing, because they did not want it to fall on the house." A pride of seven or eight lions lives on his spread. Hall says that the lions do not have a strong appetite for beef, and besides, if they should kill a cow, it is a tax write-off. Twenty years ago, he did have to shoot a lion, one that had killed 46 of his cows. The lion's skin hangs on the living-room wall...
...market value of $13.5 million on the day he paid the $100,000 for them, Dec. 31. Lubensky bought the stock for the lower price from a friend, Wheeling Chairman Allen Paulson, who resigned a week later. Paulson apparently intends to use the virtual giveaway as an income-tax write-off. SEC officials said the deal was legal, but an IRS spokesman said it would arouse scrutiny at the agency...