Word: deductible
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Dates: during 1970-1979
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...mortgage financing elsewhere. Witkin Homes in Denver guarantees buyers who balk at today's high interest rates that they can refinance their mortgages once within the next three years if rates drop. Homewood Corp. of Columbus will give a buyer free paint for his new house, then deduct from the down payment the labor cost of spreading it on the walls...
...change the investment tax credit−which currently allows businessmen to write off 7% of their expenses for new capital equipment−to flexible levels, varying from 3% to 15% of such investments. Again, the idea is to stimulate the economy in slack periods by letting firms deduct a big chunk of their new investments, and to slow it down in overheated times by withholding the credit privilege almost entirely...
Ownership also provides significant tax savings. When reporting his Federal income tax, a homeowner may deduct interest payments made on his mortgage...
...extorting campaign contributions from state and federal contractors in Maryland. Sources close to the investigation said that some of the rake-off methods were quite sophisticated, including one plan in which contractors favored with government business awarded fake bonuses to employees in the know, always being careful to deduct the proper withholding taxes, and then scooped them back for secret donations to politicians. The contractors in question worked on, among other things, state roads and two huge bridge-building projects in the Baltimore-Annapolis area: the parallel span of the Chesapeake Bay Bridge, which opened last June and provides...
...fees generally ranging from $2 to $30, these unscrupulous specialists urge their not-always-unwilling clients to inflate claims for property damage, write off the value of items lost in a robbery that never occurred, or deduct interest paid on nonexistent loans. Before his recent fraud conviction, one Texas expert encouraged clients who owned dogs or parakeets to classify themselves as farmers and claim depreciation allowances. In ghetto areas, where knowledge of tax law is skimpy, some hustlers get clients to sign a blank return for a flat sum of, say, $50. The preparer then fills out the form...