In Hollywood, an oilman quipped: "When you see a group of movie people talking on the set, you don't know whether they're discussing an oil well or a movie."
Oil was on Hollywood's mind. Moviedom's tax-bitten stars thought they had found a sureor almost sureway out of their troubles in the high tax brackets. If they struck oil, they could deduct 50% to 75% of the drilling expenses from their income, and later deduct 27½% of their annual gross from the well, as "depletion." Moreover, they could sell the well later and pay...
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