Word: deductibility
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Dates: during 1980-1989
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...almost closed in 1983 and ceased publication last year for two months. Current Owners William Franke and John Prentis sought $15 million in industrial revenue bonds to finance a new building, buy presses and meet operating costs, luring investors with the promise that if the paper defaulted, they could deduct the loss from their state taxes. But a local lawyer said the bail...
This year will be the last chance for consumers to deduct local sales taxes. Sellers of such big-ticket items as autos, appliances and jewelry are likely to enjoy a boomlet as consumers hurry to buy before January. Scott Rielly, 28, a Framingham, Mass., real estate appraiser with a wife and two children, spent $14,000 last month on two new cars -- a Hyundai and a Mitsubishi -- at least partly so that he could write off the $700 sales tax. Rita and Dan Houlihan, a Chicago couple, have the same strategy in mind because of 8% state and city sales...
...brand-new station wagon. 2) Sell off your shares in Conglomerate Corp. 3) Give a generous donation to Ivy University. 4) Apply for a home- equity loan to pay for the new boat. 5) Take a trip to an investment seminar in Hawaii and deduct it as a business expense. 6) Schedule Joe's long- postponed gall-bladder operation. 7) Pay business expenses (like your accountant's fee) a year in advance so you can write off a larger...
Another reason for making large purchases before Jan. 1 is that the deductibility of interest charges on consumer loans will gradually be phased out over a four-year period starting in 1987. But consumers and the lending industry have already hit upon an alternative: the home-equity loan, which is secured by a house or condominium. Interest on such loans will remain deductible, within some limits. "You go out and buy a new washer and dryer and still get to deduct the interest because in effect you're paying for it with a home-mortgage loan," says Kinzie, the Chicago...
Copy cards would change all that. Instead of eating coins, the machines could deduct credit from your copy card. And deducting 7 or 8 cents from a copy card is just as easy as deducting 10 cents. Even if installing a copy card system would raise the cost of each copy by a penny, at 8 or 9 cents everyone is still better...