Word: assets
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...million and transferred ownership to the Sydney branch of Chemical Bank. Chemical then leased it back to Bond. Why this maneuver? Because, says a bank source who analyzed the lease after it was issued, Bond had found a tax loophole. Under Australian tax law, you could lease any asset -- say, a tractor -- from its owner and get a tax deduction for all payments of principal and interest, as long as you had no right to the asset at the end of the term. (The law, needless to say, was framed to help undercapitalized businesses that cannot afford new tractors...
...There are bound to be some mistakes," Young predicted Tuesday afternoon. "It will be a real big asset if we can put together a solid team defense...
Second, most capital gains are never taxed at all! There is no tax when the owner dies before the asset is sold. The profit on inherited property is measured only from the moment it was inherited. This is a huge loophole, costing the Government more than $5 billion a year in lost revenue...
...opera and symphonic music. His repertoire, however, is wider than Karajan's largely meat-and-potatoes Central European diet. "Musical history does not end with Puccini," Abbado declared after his election by the self-governing orchestra. Salonen, whose photogenic, blond good looks are sure to be an asset in image-conscious Los Angeles, is even more adventurous. "The Salonen appointment in Los Angeles indicates an orchestra possibly trying to change the image of what an orchestra might be about," says Leonard Slatkin, 45, the innovative conductor of the St. Louis Symphony...
More broadly, if too many news organizations neglect to check their facts, how long before the Insider's Lament becomes everyone's? In a business whose cardinal asset is credibility, that notion should be unsettling...