Word: zaccaro
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...their large nine-room Tudor home in the Forest Hills section of New York City, a vacation house on New York's Fire Island and a condominium apartment on St. Croix in the U.S. Virgin Islands. Ferraro separately owns four lots next to their Fire Island retreat, and Zaccaro has three similar lots there. The bulk of the family wealth, however, is possessed by Zaccaro, whose holdings were estimated at $2.75 million. He owns another condo in St. Croix and one in New York's Greenwich Village, and has interests in six Lower Manhattan buildings. Apart from real...
Despite that impressive figure, their tax returns for the past six years show that Zaccaro and his wife may not have had much money to spare after maintaining three joint residences, plus her separate apartment in Washington, and putting three children through private schools. Over the past five years, they paid an average of 40% of their gross income annually in taxes, leaving them an average $103,035 in combined yearly income. This varied from a low of $80,188 in 1981 to a high of $150,982 last year...
Except for trips to St. Croix, there is no indication the Zaccaro family traveled widely, except on business, or entertained expensively. They have paid off the mortgages on their Forest Hills and Fire Island houses, purchased in the 1960s...
...more complete picture of the family finances would be available if Zaccaro released the tax returns he filed for his various businesses. On his 1983 individual income tax return, he listed a loss of $8,162 from P. Zaccaro Co., which manages but does not own real estate. Ferraro, who owns one-third of this business, while her husband holds two-thirds, claimed a loss of $4,082. Most of Zaccaro's business dealings, however, were done through partnerships and corporate entities created for specific transactions. In the real estate business, this is a common way of shielding...
Clearly, the release of the couple's individual tax returns squelched any suspicion that Zaccaro might have been trying to hide embarrassingly small payments to Uncle Sam. Over the past five years, he and his wife paid more than the average person does in their respective tax brackets, according to IRS statistics. This was true of Ferraro in each of the five years in which they filed separately. It was true of Zaccaro, whose income varied more sharply from year to year, in three of the five years. By filing separately, they paid about $6,000 more over...