Word: write-off
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...largest item that the staff challenged was the huge tax write-off that Nixon claimed for the gift of his pre-presidential papers to the National Archives. His taxmen had awarded him a total tax deduction of $576,000, which was the value set on the papers by Ralph G. Newman, a noted Chicago rare-book dealer and appraiser. Following established tax practice, Nixon had spread out the write-off, using $482,018 of it to offset income from 1969 through 1972; the remaining $93,982 presumably was to be applied to income in 1973. In all, the papers gift...
...there was no escape for the President. In Washington, the Internal Revenue Service announced a new audit of his recent federal tax returns. Presumably, IRS officials were probing the validity of the $570,000 write-off that Nixon claimed for the gift of his vice-presidential papers as well as whether he should have paid capital gains taxes on the sale of part of his San Clemente property. In addition, both the IRS and Congress's Joint Committee on Internal Revenue Taxation, which Nixon designated as the final arbiter of his tax problems, were investigating possible fraud...
...over papers to historical societies and university libraries. Senator Hubert Humphrey donated more than 2,700 boxes of materials to the Minnesota Historical Society, and took tax deductions of $199,153 for those papers dealing with his vice presidency. Former California Governor Pat Brown got a $105,000 tax write-off for giving his papers to the University of California. Former U.S. Ambassador to India John Kenneth Galbraith gave some papers to the Kennedy Library, and took what he now feels was a "meager" deduction...
...financial auteur, Aubrey may have deserved an Oscar. When he arrived. MGM was losing $35 million for the year, was $80 million in debt and faced a $70 million write-off from movie disasters. By fiscal 1973 the debt had been cut to $30 million and the firm earned $8.1 million in the first nine months of the year. Why, then, did Aubrey leave? For one thing, profits this year are running one-third behind last year's pace, and Kerkorian was growing impatient. Chief reasons for the falloff: MGM's recent movies (The Man Who Loved...
...Lines. Nevertheless, Tax Analysts and Advocates, a public-interest, tax-law firm based in Washington, has challenged the write-off on a variety of grounds. The organization charges that the deed transferring the papers to the archives was signed by neither Nixon nor the General Services Administration but by a White House legal aide. The tax group also claims that the President did not clearly transfer "dominion and control" over the papers; there are restrictions on who can see them and quote from them...