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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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090489
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09048900.063
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1990-09-22
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BUSINESS, Page 53Business NotesTAXESOne Gloat Over the Line
His excesses have become so routine that few people were
shocked when publishing tycoon Malcolm Forbes flew 600 guests to
Morocco for a $2 million "party of the century" to celebrate his
70th birthday. But many taxpayers were outraged to hear Forbes
suggest in a comment to reporters that he might try to claim a
deduction for some of the party's expenses. His rationale: the
guests included advertisers in his business magazine.
In the end, the publisher, perhaps smelling a gust of bad
publicity, declared that "not a penny" would be deducted. But he
straight-facedly maintained that a "case could be made" for writing
off part of the fete, which included 600 belly dancers. Said
Forbes: "I would say, 95% of it's business-related."