Word: sheltering
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Dates: during 1970-1979
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...shelter...
Those mournful lyrics from the Rolling Stones' rock classic Gimme Shelter touched a generation of troubled youngsters in the late 1960s. Today the lines might serve as a lament for affluent investors who are watching some of their tax shelters being blown away. The winds of change are coming from the Internal Revenue Service and Congress, which greatly restricted tax avoidance schemes in the Tax Reform Act of 1976, and continued the attack in the latest law, which becomes fully effective...
...deduct as losses only the amount that they had personally put up or had at risk. The 1978 tax law extends that at-risk rule to investments in coal mining, master recordings, toy molds, lithograph stones and a host of other rapidly depreciable properties, many of which shelter promoters had dreamed up since the '76 crackdown. In addition the IRS has been taking a much harder look at so-called partnerships lately and reclassifying a growing number of them as associations if they fail to meet certain tests. That has caused many shelters to collapse because associations are taxed...
...Freshman Arts program sponsored the workshop, part of a series which attempts to bring students into contact with practicing professionals. Maysles, who collaborates on his movies with his brother, David, filmed the 1969 documentary Gimme Shelter, a controversial record of a Rolling Stones concert tour that climaxed in the murders of several audience members at Altamont...
Film director Albert Maysles, known for his documentary of the 1969 Rolling Stones tour, "Gimme Shelter," will give a screening of his latest film and talk with students this afternoon at 4 p.m. in Parlor B of the Freshman Union...