March 20, 2008
Tax break: The Housing Scene column in the March 16 Real Estate section incorrectly reported that the capital-gain exclusion on the sale of a primary residence is a once-in-a-lifetime benefit. If all other criteria are met, this exclusion applies any time a primary residence is sold.
February 19, 1989
Ruth Ryon's column (Jan. 29) raised the question whether the White House or the Santa Barbara estate would be considered the Reagans' primary residence eligible for certain tax advantages (i.e. rollover of the gain). Richard Nixon fought the same battle and lost to the IRS. Nixon tried to argue that his San Clemente estate was his primary residence, but the IRS correctly held that during his years in office the White House was his primary residence, and therefore any gain on other properties was subject to tax currently.
CALIFORNIA | LOCAL
May 2, 1995 |
The Mesa Consolidated Water District's board of directors has instructed its legal counsel to review the agency's residency policy in the wake of a controversy over the board president's primary residence. But Robert Anslow, the water district's attorney, said at Thursday's board meeting that he does not expect the rules to be rewritten any time in the near future.
July 10, 2013 |
Wal-Mart heiress Alice Walton is now one of the world's 10 highest-rolling art collectors, joining perennials such as Los Angeles philanthropist Eli Broad and his wife, Edythe, in the top echelon of the annual rankings compiled by ARTnews magazine. Beverly Hills collector Maurice Marciano, cofounder of Guess jeans, emerged as one of 17 newcomers on Artnews' annual list of the 200 people or couples who displayed the biggest appetites for acquiring art during the last year. The list was published online Tuesday and is featured in the summer issue of ARTnews that's expected to hit newsstands July 16. Walton, founder and key funder of the Crystal Bridges Museum of American Art in Bentonville, Ark., displaced Paris-based investment banker Dimitri Mavromatis in a Top 10 otherwise unchanged from last summer's list.
February 3, 1992 |
The television spot opens with a shot of the White House. "George Bush lives here, but he says he doesn't, so he doesn't pay Washington income tax," the narrator says. Next is a shot of the President's Kennebunkport, Me., vacation home, which is not Bush's primary residence, either. "No, the President of the United States says he lives here, in a hotel in Texas, where there is no state income tax. And last year he saved $25,000."
CALIFORNIA | LOCAL
July 27, 2007 |
Los Angeles County Supervisor Yvonne B. Burke, who was elected to represent some of the county's poorest neighborhoods, is living in a gated Brentwood home, despite laws requiring her to reside in the predominantly South Los Angeles district she serves.