Twenty-two California real estate executives recently met in Washington with the state's congressional delegation to urge changes in the 1986 tax law.
Frederick Gaylord, president of McClellan Cruz Gaylord & Associates, and the only architect among 100 attendees, said that the group's principal objection was that developers can no longer deduct costs of one project from rents received on another. Gaylord said that this is unfair since other industries can deduct losses of one division from profits of another.
The executives represented the California Business Properties Assn. and the International Council of Shopping Centers.