Word: deductions
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SAFER: We must stop allowing some oil companies to deduct from their U.S. income taxes the royalties they pay to OPEC. The companies would then have greater incentive to explore for oil in non-OPEC nations. We should emulate Japan and Germany and set up a program partially funded by the Government to finance the search for new oil finds. Finally, we should impose an import quota on OPEC oil and create a North American free trade zone for energy to encourage deliveries from Mexico and Canada...
Both condo and co-op owners enjoy the same attractive tax advantages as homeowners in being able to deduct interest and property taxes. But condos in many areas are appreciating faster in today's churning market because buyers can get mortgage financing at cheaper rates than co-op buyers, who must take out higher interest personal loans because they own nonmortgageable shares instead of property. Co-ops are more restrictive than condos; the building's board of directors must approve a potential buyer before he can acquire shares, whereas a condo can be sold to whomever the owner...
...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...
...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...