Word: landed
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Dates: during 1970-1979
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Your article on foreigners buying land [Jan. 8] states that "the only U.S. tax that a nonresident alien owner escapes is on capital gains if he sells his land." This doesn't tell the whole story. Nonresident aliens also pay less estate tax to the U.S. For example, in 1979, on a taxable estate of $500,000, the U.S. citizen or resident pays estate tax of $117,800; the nonresident alien pays only $50,400. This is outrageous. U.S. tax law should not discriminate in favor of the foreign investor...
Regardless of the problems or benefits created by foreign investment in U.S. agriculture, capital gains tax avoidance on the part of foreign investors is no small matter. As a matter of equity, it is difficult for American farmers to pay a capital gains tax when they sell land, while their German or Japanese neighbors pay no tax at all. Moreover, the avoidance of capital gains taxes gives the alien purchaser an up-front advantage of around 25% on initial investment. With no capital gains tax, there is no deterrent to speculation in U.S. land...
...focus facts. The breakfast (paper plate, plastic knife and fork) is at the Kountry Korner Restaurant. I've been advised that a trace of old Plains may be found here. And here indeed is more than a trace: eight middle-aged farmers at one long table talking land, bean planting, the future of Taiwan ("You think the Taiwans got a word to say about it? Think 1 billion can't take 17 million any day they want to?" One man just says, "Viet Nam," ending that), and crime in the county (a man has been shot...
...mentioned a constituent assembly as an early step in rebuilding the country. He promised an honest system of justice, noting that the Imam Ali had set up such a fair system in the 7th century that "even a Jew when he brought suit against the highest official in the land could make his case and win." Khomeini predicted that in the new Iran "even the minorities will be protected and will have the power to bring the most powerful person in the country to justice." During the Christian holidays he received Jewish and Armenian delegations from Iran and assured them...
...formal hierarchy. Five other Ayatullahs are deemed theoretically equal to Khomeini as spiritual leaders. They may urge him to maintain a low profile, partly for his own safety, partly, perhaps, out of rivalry. Said Ayatullah Sharietmadari last week: "Khomeini is a man who has been sitting in Paris, the land of freedom, under an apple tree. We are sitting here under the barrels of guns and tanks...