Word: yachting
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Dates: during 1950-1959
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...incomes-and the taxes paid on them-have rapidly increased, so have the ways in which embattled taxpayers hold down the Government's take. Every businessman knows about such old standbys as the farm that runs at a tax-deductible loss, the "business" expense for a yacht, a car, a trip, even a country-club membership. But comparatively few are aware of another way of saving by the wise use of trusts and foundations, which can be set up for either charity or personal projects, and often reward the taxpayer with huge savings. Until recently only taxpayers...
Actually, there is no limit to the uses of trusts and charitable donations to cut taxes. One Chicago executive in the $100.000 bracket, who wanted to spread his tax credit over a period of years, donated his $25,000 yacht to a university in two sections, half one year, half the next, got a $12,500 deduction each year. But tax lawyers warn that anyone who hopes to save money by giving it away had better read all the fine print in the law since the Internal Revenue Service rates each scheme on its individual merits...
...Harvard Yacht Club will enter two boats in an invitational regatta at Providence on Sunday. Seven other college teams will attempt to wrest the Sharpe Trophy from the Crimson, winners of the meet last year...
...ordered Cornelia to leave the convent and return to her husband or go to jail. For weeks Cornelia kept street clothes in her cell, ready to leave the country if Pierce or the authorities should try to seize her. Wild rumors had it that Pierce was waiting in a yacht off the coast, ready to carry her off. Ready for Glory. Cornelia eventually won her appeal to the Privy Council, but not before Connelly v. Connelly became the focus of a violent newspaper battle between British Protestants and Catholics, with U.S. papers echoing both sides. Pierce again became an Episcopal...
When this paper went to press, seventeen undergraduates and three government tutors had volunteered their services. The brigade leaders, William Brady, Edward Abramson, and John G. Wofford have outlined a campaign which should not extend beyond the Spring Recess. It is to be hoped that the Yacht Club will get its fleet to the rendezvous point in ample time...