Word: edgemont
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Dates: during 1950-1959
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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...