Word: charterer
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Berkoff first began to shine in his senior year at Penn Charter High School, in Philadelphia. "I was a late bloomer -- my senior year was my best by far I placed in the nationals in the 100 backstroke...
Think of it: island hopping on your private yacht and watching the sun set in the port of your choice. Thanks to provisions of the U.S. tax code, a booming charter industry has sprung up to make such dreams come true. The tax shelters enable landlubber investors to buy yachts and lease them to vacationers for as little as $600 per person per week, or about the cost of a first-class beach resort. Says Simon Scott, marketing manager of The Moorings, a charter company that operates 110 yachts in the Caribbean islands of Tortola and St. Lucia: "Yachting...
...huge tax cuts enacted in 1981 gave a big boost to the charter boom. Among other things, the legislation increased the tax credit on new business investments and accelerated depreciation rates. One result: an investor who buys a $100,000 yacht in order to rent it to vacationers immediately receives a 10% investment credit that cuts his tax bill...
...that is only the beginning. The investor, who typically leases his yacht to a firm that operates charter fleets, can write off interest costs and virtually all other expenses associated with the purchase and can further slash his taxes by fully depreciating his boat over five years. Even the price of air fare to and from the mooring place can sometimes be deducted as a cost of inspecting the craft...
Lest the owner fear that an inexperienced mariner will run his vessel up on the nearest rocks, the charter firms ask renters to fill out detailed personal history forms and provide references attesting to their sailing skills. Sometimes they must also demonstrate their knowledge of the yacht they will use. "Look out for the guy wearing new Topsiders," says David Gegg, owner of Sail Belize charters in Belize City. The operators all retain the right to put a professional skipper aboard (at an extra cost of about $65 per day) as an added precaution. Most charter firms keep a "chase...