Word: loan
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...Motown writing trio of Edward and Brian Holland and Lamont Dozier, whose hits include Stop! in the Name of Love and Baby I Need Your Loving. To date, Pullman's deals are the only ones of their kind, though Nomura Capital Entertainment recently arranged a $15 million loan for Rod Stewart that was secured by the star's future royalties. SPP Hambro is close to cutting a similar deal for slugger Frank Thomas, who has a long-term contract with the Chicago White Sox. Six months ago, former record executive Charles Koppelman formed CAK Universal Credit in partnership with Prudential...
Celebrities who issue bonds are essentially borrowing money and paying it back through future royalties. So the loan--the up-front money--is free of income tax and in fact can generate a tax deduction: forfeiting royalties is partly an interest expense, deductible if the loan is used for investment. Once the bonds mature, the celebs retain ownership of the property that generated the royalties. If the royalties are greater than expected, the bonds get retired early. So the celebrities get all the upside...
Grants aside for the moment, virtually any full-time student, regardless of income, is eligible for a federal college loan--an appealing option since the interest rates on loans, including Stafford. by far the most widely used, were lowered this year...
...four-year college student with a $12,000 average debt about $600 in interest over 10 years. That's a real boost, considering the average debt of college graduates is $12,866, and almost 1 in 7 alums owes more than $20,000. Additionally, the interest paid on any loan used for education expenses is deductible for borrowers with an adjustable gross income of less than $55,000 a year, or $75,000 for joint filers...
DIED. NGUYEN NGOC LOAN, 67, South Vietnamese national-police commander whose 1968 point-blank execution of a bound Viet Cong prisoner in Saigon stunned Americans when they saw it on film; in Burke, Va. The widely reprinted photo, which won a Pulitzer Prize for Associated Press photographer Eddie Adams, fortified public opinion against the war. After the fall of Saigon, Loan and his family moved to Virginia, where he ran a restaurant. (See Eulogy below...