Word: pocketing
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...Friday, Aug. 11, acting on the advice of meteorologists, the trio lifted off from Presque Isle-and nearly crashed. Hitting a pocket of warm, light air, the balloon dipped sharply down over a gravel pit before recovering. By Monday evening, with all going well, the balloonists were 600 miles northeast of St. John's, Newfoundland, flying at 15,000 ft. The temperature was down to zero in the gondola, but angora long Johns and a portable heater kept the men from suffering frostbite. Their menus, chosen by their wives, consisted of a breakfast of hot coffee or cocoa with...
...literally a day for the books. In addition to the Puzo package, Koster was chasing rights to publish works by Franz Kafka. She was outbid by Pocket Books, who paid $210,000. The Prague pension clerk would have been fascinated by the rituals of a modern paperback auction. He had envisioned the adrenal new world in his novel Amerika. But could he have imagined that he would be in six figures...
Weeks before the Puzo sale, competing publishers had laid intricate game plans that many would scrap to stay in the race. Final offers from runners-up Ballantine and Pocket Books were both $2.5 million, only $50,000 short of N.A.L. That seems a relatively small gap, but it is a chasm to the bidder already hundreds of thousands of dollars over his limit. In such cases, terms of the sale tip the balance...
...only 40% of the advance; Puzo gets the rest. Most authors settle for a 50-50 arrangement. The novelist expects to take his $1.5 million share in chunks spread over five years. With 10% going to his agent and approximately half of the rest for taxes, he should eventually pocket at least $500,000 from the record $2,550,000 auction...
...Homeowners smarting from high property taxes are given a once-in-a-lifetime break. They can pocket up to $100,000 tax-free from the sale of their homes -but they have to pay the regular capital gains tax on any houses they sell after that...