Tax reform clash over inherited wealth and professional corps
Senate committee members debated taxing gains on inherited property and rejected a Long plan to tax capital gains upon heirs. The panel also targeted professional corporations, warning doctors and others against using incorporation to inflate pension funds beyond self employed limits. IRS loses and court rulings show the rising practice among doctors, lawyers, and architects to multiply retirement funds through incorporation.
MENTIONED IN THIS ARTICLE
Russell B. Long
D-La
Long
Senate
Internal Revenue Service
Car Plows Into Crowd at Race Track Leaving One Child Dead
A late model station wagon struck a crowd at Bay Meadows Race Track leaving a four year old dead and at least three others seriously injured. Police arrested the unidentified driver after the hit run incident as witnesses described the vehicle moving along a walkway in front of the stands.
MENTIONED IN THIS ARTICLE
San Mateo
UPI
Bay Meadows
San Diego Fleet Returns After Vietnam Duty
The attack carrier Bon Homme Richard and four destroyers Buck Perkins John W. Thomas and Wiltse return to North Island Naval Air Station at 9 a.m. after seven months off Vietnam. The Bon Homme Richard’s 22 F8 Crusader jets flew Tuesday from Miramar. Three amphibious ships with 460 Marines will anchor off Camp Pendleton.
MENTIONED IN THIS ARTICLE
San Diego
Bon Homme Richard
Vietnam
Navy
North Island Naval Air Station
Buck, Perkins
John W. Thomas
Wiltsie
Naval Station
BON Hommeichard
Miramar Naval Station
Epreneest
Camp Penn
Nixon urges speed on 1970 appropriation bills to meet 1971 budget
President Nixon called on Congress to accelerate passage of the remaining 1970 regular appropriation bills to avoid delays that could prevent submitting the 1971 federal budget on time. He warned a crisis in fiscal management if Congress does not act. Rep. Ford criticized the record but avoided full blame.
MENTIONED IN THIS ARTICLE
Washington
Nixon
Congress
Senate
House
Executive Branch
Rep
Gerald R. Ford
Michigan
Cliffside homes threatened as sea cliff slides near Pasadena
Geologists from Los Angeles Department of Building and Safety and Cal Tech surveyed the area but could not predict when the cliffside homes would plunge into the Pacific. Fissures near Peggy Slater’s property are blamed on erosion and earthquakes as several houses on Paseo del Mar are being evacuated or twisted by the movement.
MENTIONED IN THIS ARTICLE
Pacific
Los Angeles Department of Building and Safety
Pasadena
Cal Tech
Peggy Slater
Paseo del Mar
Medico linked to Bufalino crime network in McClellan report
A McClellan committee report ties William Medico of Medico Industries to mob boss Bufalino as a silent partner in a business front. Medico denies business ties, saying Bufalino visits as a customer while the firm continues to win government defense contracts.
MENTIONED IN THIS ARTICLE
William Medico
Medico Industries
Bufalino
McClellan Committee
Medico
Pittston
Buffalo
N.Y
Senate
McClellan
FBI
Fense
Air Force
Navy
Signal Corps
Army
New York
Detroit
Smog suit settlement upheld in California action
The judge said the consent decree is enforceable and in the public interest, saving taxpayers the cost of trial. He noted the court would assist but that air pollution is primarily an administrative and legislative responsibility. Opponents urged more transparency and trial, while Rankin urged pursuing accountability and public access to grand jury materials.
MENTIONED IN THIS ARTICLE
Curtis
America
Los Angeles
United States
J. Lee Rankin
Law of Humanity
Haynsworth Firm Despite Difficulty
Clement F. Haynsworth says he will not withdraw from consideration for the Supreme Court seat despite a Senate battle. He denounces charges of anti labor bias and ethics concerns while remaining in Greenville. A Senate poll shows 44 against, 37 for, 19 uncommitted. a formal report favoring confirmation was circulated in Washington.
MENTIONED IN THIS ARTICLE
Greenville
S.C
UPI
Clement F. Haynsworth
Senate
Supreme Court
Haynsworth
U.S. 4Th Circuit Court of Appeals
South Carolina
Washington
Norris Cotton
R-N.y
Senate Judiciary Committee
Also Mentioned on This Page
Graphic
The
National Geographic Society
IRS
San Pedro
Viet
MAFTA
James A. Osticco
New York State
Vito Genovese
Osticco
Calif
Asst
U.S
Rankin
City of
Car Mak
Illinois
New Jersey
Maryland
Connecticut
New Mexico
Justice Department
Lloyd N. Cutler
Haynsworth Firm
Cotton
New England
Margaret Chase Smith
Maine
Edward Brooke
Massachusetts
Picayune
Henry Bellman
Okla
Welch’'S
Atlantic Ave
Long Beach
Ord Alvert
Lord Calvert
Canada
Calvert Dist. CO
N.Y.C
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