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Tax Deductions

November 17, 1989 | From Times Staff and Wire Reports
State Controller Gray Davis filed suit in San Francisco Superior Court to force the city's Pacific Union Club to turn over its membership list so state tax officials can randomly audit members. Davis argues that the club's refusal to allow women as members is illegal because club members derive tax benefits from membership.
July 22, 2006 | From Times Wire Reports
Health and Human Services Secretary Mike Leavitt defended his family's charitable giving, as two senators called for tighter regulation of private foundations. Leavitt and his relatives have reportedly claimed millions of dollars in tax deductions through a charitable foundation that until recently paid out little in actual charity. A spokeswoman for Leavitt said the foundation's activities are "totally legal and proper."
April 11, 1989
A Northern California couple pleaded guilty Monday to conspiring to defraud the government by persuading 265 people to invest $1.4 million in bogus entertainment partnerships and claim inflated tax deductions. Jack Elliott, 68, and Maxine Elliott, 63, of Aptos pleaded guilty in federal court in Los Angeles to conspiracy and aiding and counseling the filing of false income tax deductions stemming from their 1982 promotion of a fraudulent tax shelter. Assistant U.S. Atty. Stephen Mansfield said the Elliotts, who ran a Culver City tax preparation business from 1960-1982, defrauded the taxpayers by selling them sham tax shelter partnerships in the production of television pilot films or documentaries to be sold to networks.
Outlining its plan to curb runaway pay for corporate chieftains, the Clinton Administration on Thursday proposed giving shareholders a role in setting executive compensation. But many forms of pay would not be affected by the Administration's policy of denying tax deductions for amounts in excess of $1 million that corporations pay executives. The Treasury Department estimated that the plan would raise about $600 million over five years, compared to the $1.
February 6, 2013 | Doyle McManus
Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home mortgage interest deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves. If you listen to home builders and real estate agents, they'll tell you that the mortgage interest deduction is what makes homeownership possible for millions of Americans.
January 10, 1986
A Canoga Park investment firm agreed Thursday to stop selling overvalued shares in gold and silver ore mines in the Sierra foothills that Internal Revenue Service agents said cost the federal Treasury more than $29 million in lost tax revenues. Justice Department officials said the firm, International Recovery Inc., and its president, Donald C. Como, agreed to terms of a permanent injunction formulated in Los Angeles federal court at the behest of IRS agents.
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