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Word: vacationsâ (lookup in dictionary) (lookup stats)
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...deal but said it had been invested that same year in a new "principal residence," the San Clemente estate. By law, that meant the profit was not subject to tax. But in the year following the sale of the apartment, the Nixons spent only weekends and vacations???a total of 49 days?at San Clemente and also had claimed exemption from some California state taxes on the grounds that San Clemente was not their home. To the committee staff, that meant their actual "principal place of residence was the White House," and they should have paid tax on their profit...

Author: /time Magazine | Title: TAXATION: Many Unhappy Returns | 4/15/1974 | See Source »

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