Word: deductions
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Dates: during 1970-1979
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...trade monthly Successful Meetings, though cheaper airfares are beginning to encourage more adventuresomeness. In the decade before 1977, 12% of national organizations met or scheduled future meetings outside the U.S. That percentage has slipped slightly because of section 602 of the Tax Reform Act of 1976. Americans can now deduct expenses for only two foreign meetings a year, and then only if they can prove that they spent at least six hours a day in working sessions. The American Psychiatric Association, which met in Toronto last May, issued each delegate IBM cards to be filled out after each session, dropped...
Many hoteliers are less worried about the ERA than the IRS. The new foreign convention tax rule is troublesome enough, but some convention industry officials fear that the Carter Administration may try to extend those restrictions, on grounds that the tax deductibility of conventions is a boondoggle for the relatively well-to-do. A valid point; poor people do not go to conventions much. Frets the lACVB's Hosmer: "It's the whole three-martini lunch idea. They may eventually start saying that a convention delegate can only deduct a portion of his expenses when he's in this country...
...Congress began to ban nonrecourse 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...
...shelter partnership might raise $1 million from its members and $4 million in nonrecourse loans to convert a rundown building into federally subsidized apartments at a total cost of $5 million. Though the property could be assumed to have a useful life of 30 years, the investors may deduct the mostly borrowed cost over five years, providing them with $1 million a year in write-offs that they use to cut their taxable income from other sources. When the depreciation benefits are used up, the partners can sell the apartments, often at a profit...
This will add up to the largest tire recall in history, and the company estimates that it will cost up to $230 million - or twice as much as last year's earnings. That may be an inflated estimate, but in any case, Firestone will be able to deduct the expense from its income taxes...