Word: deductability
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Giving art to museums used to be pure eat-your-cake-and-have-it. A collector could sign away his Rembrandt, Van Gogh or Gignoux (yes, who?) to his favorite museum, deduct its value from his income tax, and leave it right over his fireplace until his death. As of midnight June 30, the Indian giving is over,, thanks to the Internal Revenue Service...
...true that you forced a Senate page named Boyd Richie to deduct $50 per month from his salary and kick it back to you in order that you could help Walter J. Stewart along...
...money, which the companies can deduct from taxes, will go into welfare projects, community improvement, pri mary, technical and university education, teacher training, health education. The organization will also organize an Institute for the Economic and Social Development to study national needs and how to cope with them. Says Mendoza: "I believe that we are living in a deep-seated social evolution in Latin America, and that we businessmen -with all of our economic capacity and our influence - should collaborate with that evolution...
Moving Expenses. A worker who moves at least 20 miles to join a new company may deduct the cost of transporting his household goods to the new location as well as the travel expenses of his family. The same deductions may be claimed by an employee transferred within his company to a new location-provided that remaining in his present home would increase his commuting distance by at least 20 miles and that the move is made without company reimbursement...
...other changes from present law, individuals would be able to take either a standard, short-form deduction of $300 plus $100 for each $600 exemption they now claim (excluding their own exemption), or the old 10% deduction. But $1,000 still would be the maximum short-form deduction under either choice, and itemized, long-form deductions would still be permitted. Such casualty losses as auto damage, now fully deductible, could be deducted only to the extent that each exceeds $100. Persons over 65 would be able to deduct all of their medical expenses; at present, their medicines and drugs...