If any U. S. citizen might be expected to know income tax law to the last loophole, he would be one "having a taxable net estate of $1,000,000 and a taxable net income of $100,000." To just such a man, however, the Cornellian Council Bulletin last week pointed out how much he could "save" by giving Cornell $15,000, the maximum percentage of his income on which Federal law allows gift exemptions. He would, the Bulletin reminded him, save $8,650 in Federal income tax, an average state income tax of $1,000. Deducting $15,000 from his...
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