Word: gifts
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Dates: during 1970-1979
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...largest item that the staff challenged was the huge tax write-off that Nixon claimed for the gift of his pre-presidential papers to the National Archives. His taxmen had awarded him a total tax deduction of $576,000, which was the value set on the papers by Ralph G. Newman, a noted Chicago rare-book dealer and appraiser. Following established tax practice, Nixon had spread out the write-off, using $482,018 of it to offset income from 1969 through 1972; the remaining $93,982 presumably was to be applied to income in 1973. In all, the papers gift...
...December of 1969, after a year's debate, Congress passed and Nixon signed into law a bill ending deductions for gifts such as his retroactive to July 25, 1969. (It was passed in part out of Congress' ire over Lyndon Johnson's gifts of papers, on which he took deductions.) Nixon and his aides insisted that that deadline had been met. The papers had been delivered to the National Archives on March 26 and 27 of that year. But since the National Archives routinely serves as a kind of storage vault for the papers of important officials, the question...
There is no single legal procedure for making such a gift. But the committee staff discerned two special circumstances involved in Nixon's donation: 1) his "gift" amounted to less than half of the boxes of papers that he had sent to the Archives for storage and 2) he retained control over who would have access to them. Thus, the staff decided that Nixon's donation required both an itemized appraisal of its contents and a signed deed of gift. According to the President's lawyers, the papers had been appraised in April and deeded to the Archives on April...
They had, of course, been given ample opportunity to present the President's side while the staff was researching the returns. The lawyers apparently were prepared to argue that no deed was needed for the gift of pre-presidential papers because Nixon clearly intended to donate them and had delivered them to the National Archives, citing a 1947 precedent involving some of Franklin D. Roosevelt's papers. They probably also proposed to argue the report's other conclusions point by point in an effort to either get them thrown out or at least reduced, as often happens in negotiations with...
...prosecution hoped that Don Nixon would be able to link Mitchell with New Jersey Financier Robert Vesco (see PRESS), who made a secret, $200,000 contribution to the 1972 presidential campaign. In exchange for the gift. Mitchell and Stans are accused of trying to hinder an investigation by the Securities and Exchange Commission into a $224 million stock fraud allegedly committed by Vesco and associates...