TAX DEDUCTIONS: How To Save Money By Giving It Away

AS U.S. incomes—and the taxes paid on them—have rapidly increased, so have the ways in which embattled taxpayers hold down the Government's take. Every businessman knows about such old standbys as the farm that runs at a tax-deductible loss, the "business" expense for a yacht, a car, a trip, even a country-club membership. But comparatively few are aware of another way of saving by the wise use of trusts and foundations, which can be set up for either charity or personal projects, and often reward the taxpayer with huge savings. Until recently...

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