TAXES: A Most Ingenious Paradox

One look at its own classified columns last week was enough to convince the Wall Street Journal that present tax laws are straight from Wonderland. "MILLION DOLLAR VALUE," cried one ad. Up for sale was 75% interest in a company with "$200,000.00 in losses sustained in past three years available for carryover . . ." i.e., for credit against future profits. Then the Journal noticed an ad for another company: "FEED MANUFACTURER . . . $3,000,000 yrly. gross. Excel. plant & buildings appraised at over $500,000. Long record of earnings . . . Full price less than $400,000."

The paradox...

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