Word: shelterer
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...fair means or foul, avoiding taxes has become a popular U.S. sport. Nicholas Murray of the investment firm of Shearson Loeb Rhoades estimates that queries about tax shelters have doubled in the past year. Says William G. Brennan, publisher of a tax shelter newsletter in Valley Forge, Pa.: "Because of inflation, more and more people keep landing in the 50% bracket, and that's what makes sheltering profitable." An estimated 2 million individual tax returns now fall into the 50% bracket with taxable incomes of $41,500 or above for single people and $60,000 or above for couples...
...havens are investments that enable people to generate paper losses to write off against their regular income, thus shielding the investor's cash from the full bite of the IRS. A person making $100,000 a year, for example, might sink $30,000 in a tax shelter that would lower his taxable income in the first year to perhaps $85,000. Since at least half of the $30,000 would have gone to the IRS had it not been sheltered, the investor really gets his investment at half price. And it usually continues to generate write-offs for several...
...range of tax shelters is limited only by the ingenuity of the lawyers who often launch them. Donald Flynn, 44, who made a small fortune recently by selling his interest in a North Woodstock, N.H. data processing firm, now keeps the IRS at bay with his 42-ft.-sloop tax shelter He paid $40,000 down on the $150,000 vessel last November and then put it out for charter. The sloop must show a profit two years out of five, but in the years when it loses money, the losses, including interest payments, insurance and upkeep, are deductible from...
...currently favored gimmick involves buying, at wholesale prices, box-loads of Bibles for $5 each. After holding them for one year, the investor donates the books Jo charity and takes a tax deduction of $20 for each Bible, the value set by the original owner. Another shelter under attack involves buying lithograph plates of an obscure artist, which gives the owner the right to produce 300 or so limited-edition prints. The investor might pay for this with $30,000 in cash, plus $120,000 in a so-called nonrecourse note, which does not have to be paid unless...
...only one to realize the profits of bleak prophecy. An advertisement in Mother Earth News, the North Carolina-based, back-to-the-land bimonthly, pitches $64,000 building lots in Park City, Utah, geared directly to the survivalist market. The properties are touted as "excellent for passive solar home/earth shelter with food-producing greenhouse." Saxon predicts a threefold increase in sales for his survival-book business which grossed $100,000 last year, carrying such titles as Granddad's Wonder Book of Chemistry, Root Rot and The Complete Book of Midwifery. Neo-Life Co. of America, a major producer based...