Word: partnerships
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Probably the most popular of the write-offs are limited partnerships, which have proliferated as tax shelters since the late 1970s and early '80s. An orthodontist investing in a real estate venture, for example, can deduct from his taxable income a share of the venture's losses based on the amount of his investment. Yet his actual liability is limited--hence the name of the arrangement--to the cash value of his initial in vestment. Thus if a partner invests $10,000, or 10% of a partnership's total investment, and the venture loses $700,000, he will be able...
American officials, however, were already having second thoughts about entering into another partnership with the Soviets. Stalin was, to say the least, a troublesome ally in the occupation of liberated Europe. When news of the successful Alamogordo test reached Potsdam, top American officials began to view the Bomb as a way to avoid the need for Soviet involvement in the Pacific war, rather than viewing Soviet involvement as a way to avoid the need for the Bomb. Secretary of State James Byrnes, Truman's closest confidant on atomic matters, was eager to "get the Japanese affair over before the Russians...
Along with doctors and Hollywood movie stars, professional athletes often find it easier to make money than invest it. Nonetheless, Kareem Abdul-Jabbar, 38, the basketball superstar for the Los Angeles Lakers, hopes to become a savvy financier. He is now a member of a partnership that includes eight current and former basketball players. Among Abdul-Jabbar's investor mates are Ralph Sampson of the Houston Rockets and Terry Cummings of the Milwaukee Bucks. Their first investment was the $1 million Redmont Hotel in Birmingham, which they are spending nearly $5 million to remodel. A $22 million Los Angeles health...
...summer intern program that enables selected students to work at TIME and other company publications, usually between their junior and senior years. TIME has special reason to believe in the abilities of young people. Henry Luce and Briton Hadden were only college sophomores when they began their remarkable partnership, later becoming managing editor and chairman of the Yale Daily News. Before their 25th birthdays, Luce and Hadden went on to found TIME...
U.P.I.'s management, employees and creditors accepted a bid of $41.6 million from Mario Vázquez Raña and Houston Real Estate Developer Joseph E. Russo. The once rival bidders began striking up a partnership last Tuesday in the elevator of U.P.I.'s headquarters in Washington, D.C. Vázquez Raña, who is expected to control about 90% of the company, owns the largest chain of newspapers in Mexico. He told American reporters through an interpreter that he plans to restore U.P.I.'s financial stability and improve its performance. Said U.P.I. Vice President William J. Bowe: "It will...