Word: margarita
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...rest of the field far behind. In contrast to other symbolic showdowns among Democratic presidential contenders, the one held by party regulars at the Villita assembly hall was followed by Breathalyzer tests to make sure the voters were sober enough to drive home. Their "votes" consisted of buying $5 margarita cocktails in the name of their favorite candidate. For Colorado Senator Gary Hart, whose Texas backers drank only 39 margaritas in his behalf, it was a setback after he had leaped into contention at a showdown in Senator Alan Cranston's home state of California. In the candidates...
...each of the 35 units in a unique tax-shelter limited partnership. The deal was the brainstorm of an ebullient New Jersey tax-shelter specialist, Jerry Burke, 50. The money entitled the investors-partners to 17.5% of anything recovered during 1980 from the Spanish galleon Santa Margarita. That ship and a sister ship, the Atocha, both carrying New World treasure to Spain, sank in a hurricane off the coast of Florida in 1622. "It's a good feeling to finally be able to distribute this stuff. It justifies the faith people had in me," said Mel Fisher, founder...
...firm, Underbill Associates, is now trying to register a $12 million tax shelter with the Securities and Exchange Commission so that it can be sold publicly. That money would go toward six new expeditions Fisher has in mind, as well as for further exploring at the sites of the Margarita and Atocha...
...unsuccessful oil-exploration partnerships devised to shelter income from taxes. If treasure is recovered, profits from the sale could be taxed at the capital-gains rate, currently a maximum of only 20%. If the finds are donated to a museum, the full appraised value is deductible. Of the 1980 Margarita partnership, Burke says, "I tell my investors they've made four or five times their money...
...Angeles Dodgers' pitching prodigy Fernando Valenzuela, 21. In 1981 the chunky lefthander won a World Series victory; National League Rookie of the Year laurels; the Cy Young Award for the league's most outstanding pitcher; and to cap it all, the hand of Linda Margarita Burgos, an elementary schoolteacher from Merida, Mexico. Valenzuela, suited up in a black tuxedo, and Linda, dressed in a $3,000 gown, took their vows in the bride's home town. Valenzuela sneaked into the church by a back entrance to avoid a mob of well-wishers. Outside, many would-be guests...