Word: coaling
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...partnership buys into any property-movies, coal mines, lemon groves -on which fairly rapid depreciation is allowed. That enables the members to write off in four years or less most of the value of the property, even though it might continue to generate income for decades. When the depreciation benefits are fully realized and the investors have recaptured much of their original investment through write-offs, they can sell the property. The profits from the sale are taxed, but usually at favorable capital gains rates, which under the new law have been reduced even further, from an effective maximum...
...financing of investments in movies, farming, cattle raising, equipment leasing, and oil and gas drilling. In these deals people now may deduct as losses only the amount that they had personally put up or had at risk. The 1978 tax law extends that at-risk rule to investments in coal mining, master recordings, toy molds, lithograph stones and a host of other rapidly depreciable properties, many of which shelter promoters had dreamed up since the '76 crackdown. In addition the IRS has been taking a much harder look at so-called partnerships lately and reclassifying a growing number...
...briefs and commercial agreements to say?--we're destroying a culture, we're destroying a way of life, and these are our concerns, it requires more than that. What we're going to have to do is show, in a straightforward economic analysis, that these power plant leases and coal leases, do not give the tribe a fair deal. And we submit that we can hold up to any comparison anywhere in the world, that we are getting the shaft all the way. And that's what a court is going to hear. That's what a court is going...
Williams says she developed the Tax Program, the first comprehensive Indian tax program in the country, in an attempt to raise badly needed money, and to correct some of the injustices in the two power plant leases and their coal leases. The three-part tax program consists of the Business Activity Tax (based on gross receipts over $500,000 per year), the Possesory Interest Tax (which is based on the difference between what a leasor should be getting and what he is getting over the life of the lease) and the Sulphur Emissions Charge (which Williams says is legally...
...Phoenix and the Albuquerque decisions conflict, the suits will be appealed to the Supreme Court, which will decide the question of Indians' rights to tax non-indians. Should the Supreme Court rule in favor of the indians, approximately 60% the country's uranium, 30% of the nation's coal, and the significant amounts of the country's oil and gas which are on indian lands could be subject to taxation and increased indian control...