Word: payments
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Dates: during 1970-1979
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Greatest President. Nixon's immediate problem was raising the money to meet the IRS tax bill of $432,787 plus interest. He has until April 16 to arrange payment, though he could be permitted to stretch out the payments. An aide said that Nixon planned to borrow about $125,000 and pay the remainder out of savings. According to Nixon's accounting last December, his net worth was $988,522, which included $432,874 in cash. Moreover, by July 15, Nixon must make his final mortgage payment of $226,000 on his San Clemente estate...
...Technically, the President does not have to pay his 1969 back taxes since the statute of limitations has run out; but he voluntarily agreed to do so. According to some tax lawyers, that payment could be classified as a gift to the Government and thus, tax deductible...
...profit of $66,762. On his 1972 tax return, he showed a capital gain of $17,424?and paid tax on it. Presumably, his 1973 return will reflect the remaining $49,338. Splitting the amount between the two years was proper because the purchaser did not make his last payment until January 1973. But because the President had no documentary evidence of his agreement with Tricia, the committee staff decided that he should be taxed for the entire profit. That would mean adding $5,808 to the capital gain on the deal that he reported...
...which carries 48% of America's international air traffic, received its last subsidy in 1958, a payment of some $200,000 for Latin American operations. Predicting a $374 million fuel bill for 1974 ($204 million over the 1973 total), Chief Executive William Sea well last week asked the CAB for a $194 million annual subsidy. Seawell, who last year piloted his fleet into the profit column for the first time in five years, told the CAB: "We were overwhelmed in our efforts to stay in the black." TWA, which unlike Pan Am has a far-flung network of domestic...
Gutsy Oldsters. The new emporiums bear little resemblance to the tumbledown, teen-age hangouts of the '40s. They have psychedelic curving walls, neon lights and screaming stereo sound. Many rollerdromes are equipped with game rooms, dance floors, and pro shops that sell skates and carrying cases on easy-payment "rollaway" plans. Admission averages between $1.25 and $1.50, plus 75? to rent a pair of tan leather precision skates...