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Warren Observer in Warren, Pennsylvania

27 Mar 1958

Page 4

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Warren Observer March 27, 1958 Page 4 old newspaper archives

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Articles on This Page

This newspaper page contains 3 articles. Subscribers can read the full text of each article.

Newspaper

Warren Observer

Location

Warren, Pennsylvania, United States of America

Date

Mar 27, 1958

Page

4

Tax schemes for stars skirt income tax with clever loopholes

A historic review of how movie radio and television stars used legal tax devices to reduce payments. The Mayer case shows Congress closing a loophole after a 1951 settlement. other devices include collapsible corporations and package deals like Amusement Enterprises and You Bet Your Life.

MENTIONED IN THIS ARTICLE

Mayer Congress Hollywood Sam Goldwyn Radio City Music Hall New York Truman Jack Benny Benny American Tobacco Co NBC Amusement Enterprises, Inc Amusement Enterprises William S. Paley CBS
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Tax Court ruling limits Groucho and Guedel tax payments

The Tax Court held Groucho and Guedel liable only for capital gains taxes on the full 1 million dollars. Deferred compensation schemes spread income over years at lower tax rates, benefiting stars like Milton Berle and other executives.

MENTIONED IN THIS ARTICLE

Amusement Enterprises NBC Paley Benny CBS The Revenue Service Groucho Marx John B. Guedel Groucho Groucho and Guedel Observer Milton Berle Berle Gleason
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Quote by Warren Hull on perseverance and average effort

A Warren Hull quip notes that initial failure is common and average effort often follows. The line reflects on resilience and persistence as a practical approach to success.

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Also Mentioned on This Page

By Jack Steele Scripps-Howard Washington Louis B. Mayer Metro-Goldwyn- Mayer Studios MGM Joe Dorrien’s Friendly Service Mobil Products Warren Hull Odge Plymouth H. L. Link Warren, PA Howard Cartwright Mgr Frank Sirianni Mr. Sirianni America Gardeners Agrico Trust Agrico Agrico Agrico Rose Agrico Bulb Agrinite Springfield
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