Word: deductable
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...Allow farmers to deduct full cost of conservation practices (up to 25% of their gross income), instead of present limited deductions...
Salesmen and executives who have traveled the expense account road to the good life were tripped up last week. A U.S. tax-court decision held that a businessman may deduct the price of his own meal, while entertaining, only to the extent that it is higher than what he usually pays. Said the court: "When a taxpayer in the course of supplying food or entertainment . . . includes an amount attributable to himself or his family . . . the costs . . . are ordinarily and by their very nature personal expenditures forbidden deduction . . . Nondeductibility of personal expenses may be overcome only by clear and detailed evidence...
Last month, for example, Wolanow bought the Edgemont Manor in Los Angeles for $445,000, paying a little less than half in cash, the rest with a 5% mortgage. Upkeep runs $42,600 a year and gross income $84,000. The income would be taxable except that Sacha can deduct his depreciations, e.g., 5% yearly of the building valued at $250,000, and 20% on the furniture valued at $150,000. The total yearly depreciation adds up to $42,500, every penny of it deductible from income and all taxfree. After a few years, when the furniture is depreciated...
According to Young, Dean Watson has given official sanction to the plan. Alumni will be asked to make their checks payable to the University and will thus be able to deduct their gifts from income tax statements...
...Whooped through a bill allowing Congressmen to deduct from their income tax, as business expenses, all the money they spend to live in Washington (such deductions are now limited to $3,000 a year). In the same bill, for economy's sake, they took away the Cadillac of Capitol Architect David Lynn, who has been a Government employee for 51 years...