Word: trustedly
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Dates: during 1960-1969
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Delayed Payment. Chiefly affected by Kaunda's "request" will be the Roan Selection Trust, Ltd., 43% of which is owned by Manhattan-based American Metal Climax, Inc., and Anglo American Corp. of South Africa Ltd. In addition to taking over controlling interests in the firms, Zambia will substitute 25-year leases for their existing leases "in perpetuity," and replace the present 44% royalty and export tax with a 51% mineral tax. The nationalized companies' holdings have a book value of about $784 million. Kaunda expects to pay shareholders for their loss entirely out of future copper profits. These...
Look for Loopholes. How does this really work out for investors? Not long ago an East Coast surgeon developed a new operating-room device in his home workshop, and it sold so well that he found himself worth $14,500,000. He turned to U.S. Trust. The bankers set up an estate for him by making three real estate investments, buying a portfolio of tax-free municipal bonds and long-term growth stocks, and setting up trusts for his two children. Estate advisers even thought of future grandchildren and provided trusts for them in the doctor's will...
...Trust increased the income of a furniture-company sales manager and his wife, an author of children's books. Despite their combined earnings of $110,000 a year, the couple found themselves strapped for cash. The bankers raised a tax shelter around cattle, which can be bought with help from a loan, then depreciated over eight years and sold for capital gains. The sales manager put $40,000 into a herd, of which $30,000 was borrowed from U.S. Trust. For investors in the 50%-plus tax bracket, the tax savings from this kind of investment can often repay...
...that Congress is moving at last to reform the tax code (see THE NATION), many well-used loopholes will be plugged. U.S. Trust will undoubtedly find new gaps in the law and apply them for the enrichment of company and client alike. Meanwhile, there probably will be a strong growth in what Chairman Ammidon calls "the managing of money so that its owners will be free to turn their full attention to their own businesses." Not only will troubled markets and tighter tax laws make it harder for the amateur investor to turn a profit, but many...
...BENEATH THE mutual sneering across the generation gap, which is all part of the fun, is there anything more to the petulant plaint of the younger generation? Why is it so difficult to open up and trust somebody "over thirty"? What happens to people when they get to be thirty, anyway...