Word: maye
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Dates: during 1980-1989
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Nancy Reagan struggled in her memoirs to explain why some people had objected to her "borrowing" designer dresses while she was First Lady. "One reason may be that some women aren't all that crazy about a woman who wears a size 4, and who seems to have no trouble staying slim," Mrs. Reagan wrote. The IRS has a more plausible explanation that has nothing to do with weight envy: the clothes and jewelry -- over $1 million worth -- may be considered taxable income...
...laws, a celebrity receives income for high-visibility use of a product in an amount equal to the value of that product. The defense that some of the dresses were loans, not gifts, or that they are no longer worth very much once they have been worn, may not impress the IRS. A gown, even one that doesn't suffer soup stains, may depreciate from a $20,000 price tag to off- the-rack in a single evening. But that is the point of haute couture. Its value derives mainly from its once-in-a-lifetime wearing. Los Angeles designer...
...thereafter be made available to students only. But in 1985 the Maryland Attorney General ruled the restriction not legally binding. Mencken would probably have put down controversy over the diaries to what he called "the virulence of the national appetite for bogus revelation." But admirers of Mencken's wit may now find it harder to laugh with...
Even so, the double coincidence of names has unnerved shareholders of the Encino bank, so John Keating will probably change its name to avoid any more confusion. He jokes that he may also rechristen himself Fielding Mellish, the name of the goofy dictator in Woody Allen's 1971 movie Bananas...
While businesses and individuals may conceal their assets for purposes that are completely legal, or dubious at worst, the systems set up for their convenience can be perversely efficient at helping drug barons launder as much as $100 billion a year in U.S. proceeds. "It is hard to understand why we failed for so long to institute adequate controls," says Massachusetts Democrat John Kerry, chairman of the Senate's Subcommittee on Terrorism, Narcotics and International Operations. The state of regulation is "so lackadaisical," says Kerry, "it's almost damnable...