Word: offsets
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Dates: during 1990-1999
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Actually there is a glimmer of hope there. The uptick among young initiates has not offset the deaths of the old soldiers, but it is visible. New York's venerable Independent Royal Arch Lodge No. 2 boasts an average member age of about 50 and an unusual concentration of college-educated men. There are brokers, lawyers and journalists with interests running from martial arts to organ music to the Masonic references of James Joyce, explored in black tie over wine and cigars. Says John Chang, 39, a lawyer active in local Democratic politics: "Maybe now that my generation is getting...
...might expect, there are some hidden gems in all this confusion. When offsetting capital gains with capital losses, you must match rates where possible. So if you sold a long-held stock at a loss before May 7, where the 28% rule applies, you're obliged to use it to offset any gains where the 28% rule applies. But, notes Jere Doyle, an estate-planning manager at Mellon Private Asset Management, if you have losses in excess of any gains at a given tax-rate level, you can use those losses to offset gains at another tax-rate level...
...late now to fiddle with your '97 portfolio. But by examining your records closely, you may find room to mismatch gains and losses in your favor. Remember, though, that you can use any capital loss (as long as there are no countervailing capital gains) to offset up to $3,000 of ordinary income in a given year. That's generally the best way to use a loss...
...course, no one is suggesting that you give up income just to qualify for a tax break. But more than ever it may make sense to defer income into 1999. Among other things, that might mean not selling any stocks for a gain that you can't offset with a loss. Under the new rules, a house sale could send your income soaring. If you are a doctor or lawyer, you can begin slowing your billing process later in the year...
...around $8 billion this fiscal year, which ends Sept. 30, rising to perhaps $140 billion in fiscal 2008. Reischauer cautions, however, that the projections assume that the White House and Congress can clamp a tight lid on nonmilitary spending. In recent years, continued rises in civilian outlays have been offset by plummeting defense expenditures, but that drop has left little more...